By Dipo Olowookere
The Nigerian Naira recorded a slight depreciation at the foreign exchange (forex) market on Monday, August 27, 2018.
Business Post reports that the local currency lost 0.18 percent of its value to the Dollar at the Investors and Exporters (I&E) segment of the market.
The legal tender of Africa’s largest economy settled at N363 to a Dollar yesterday at the forex window in contrast to N362.35 it traded in the last session.
According to analysts at Zedcrest Research, the N363 per Dollar the Naira closed on Monday at the I&E window was the highest in about 12 months.
It was further stated that the total value of transactions yesterday at the forex segment was $431.39 million in 425 deals.
However, at both the interbank and parallel markets, the local currency remained unchanged against the Dollar.
While the Naira was exchanged at N306.10 at the interbank segment, it was traded at N360 at the black market, the same rates both respectively traded in the previous sessions.
With the capital flight continuing, the local currency is expected to remain under pressure.
more recommended stories
Afriland Targets Massive Expansion Plan With N10bn
By Adedapo Adesanya One of the.
Senate Passes Bill to Raise VAT to 7.5%
By Dipo Olowookere The Finance Bill,.
How Banks Can Hinder Buhari’s Poverty Reduction Targets – Reps
By Adedapo Adesanya Members of the.
Finance Bill Will Boost Investor Confidence, Attract FDI—FG
By Adedapo Adesanya Minister of Finance,.
Stanbic IBTC Echoes Pledge to Agric Development
Stanbic IBTC, a member of Standard.
Obaseki in China to Strike $200m Textile Deal for Edo
By Dipo Olowookere Governor of Edo.
PZ Cussons Announces Plan to Delist from Stock Exchange
By Dipo Olowookere The board of.
NB, Conoil, UBA Lift Equities by 0.14%
By Dipo Olowookere The Nigerian Stock.