Adedapo Adesanya
By Adedapo Adesanya
Thursday, October 17, 2019 at the Investors and Exporters (I&E) segment of the foreign exchange market closed on a negative note with the Naira depreciating 0.03 percent or 12 kobo against the US Dollar.
The local currency closed during the trading session at N362.48 to one Dollar compared with the N362.36/$1 it was exchanged at the last session on Wednesday.
According to data from the FMDQ, the market turnover for Thursday at the market was higher when compared with the previous day as transactions worth $437.39 million occurred at the investors. This was $229.82 million or 110.7 percent more than the $207.57 million recorded on Wednesday at the same window.
At the Central Bank of Nigeria (CBN)’s interbank market, the Naira remained flat against the greenback at $306.90/$1, the rate it rose to at the previous market day.
For the local currency’s performance at the parallel market segment of the foreign exchange, the Naira saw no changes against the major listed currencies – the US Dollar, the British Pound Sterling, and the Euro.
At the close of business yesterday, the domestic currency was exchanged against the American currency at N360, while the it traded against the British Pound at N453/£1 despite the pound losing ground after Northern Irish party, the Democractic Unionist Party said it would not vote for the Brexit deal.
Worries about the possibility of the UK leaving the EU without a deal had been weighing on the value of the pound, as markets view a no-deal Brexit scenario as damaging for the UK’s economy. But these fears were erased yesterday when Prime Minister Boris Johnson announced that a Brexit deal was reached as Brussels.
However, that news had no effect on the Euro in Nigeria as the currency stayed flat against the Naira at the parallel market on Thursday at N393/€1, the same rate it was traded on Wednesday.
