Naira Loses 0.05% in I&E to Trade at N360.42/$

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By Dipo Olowookere

Transactions at the Investors and Exporters segment of the foreign exchange (forex) market on Wednesday ended on a negative note.

Business Post reports that Naira depreciated against the Dollar at the forex window yesterday by 0.05 percent to settle at N360.42 in contrast to N360.23/$ of the previous session.

But at the interbank segment of the market, the local currency traded flat against the Dollar to quote at 306.95.

At the black market, the Naira also closed the same way it was exchanged in the previous day at N360 to a Dollar.

It was a similar situation with the local currency against the Pound Sterling at the same parallel market, closing at N475/£.

However, the Naira depreciated against the Euro at the black market, trading at N405 instead of N404 of the earlier day.

Meanwhile, the Central Bank of Nigeria (CBN) on Tuesday released the sum of $210 million into the forex market.

This was to support keep the supply of forex uninterrupted at the market in order to further strengthen the local currency.

A breakdown showed that $100 million was allotted to the wholesale segment, $55 million to the Small and Medium Enterprises (SMEs) segment, while another $55 million was made available to the invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance (BTA), among others.

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