Adedapo Adesanya
By Adedapo Adesanya
The week ended on Friday, October 4, 2019 bearish for the local currency at the Investors and Exporters (I&E) segment of the foreign exchange market.
Going by data sourced from the FMDQ, the Naira depreciated on Friday against the Dollar by 25 Kobo or 0.07 percent to trade at N362.77/$1 compared with N362.52/$1 recorded on Thursday.
This came on the back of pressure on the domestic currency yesterday as the daily market turnover at the market segment spiked by 209.5 percent or $213.66 million to $315.64 million.
An analysis of the Naira performance at other segments showed that the local currency closed flat against other foreign currencies being traded at the FX market.
For instance, the domestic currency was flat at the parallel market against the Dollar. It also remained unchanged against the British Pound Sterling and the Euro after rising on Thursday by N5 and N3 respectively.
Business Post reports that the Naira/US Dollar closed flat at N360/$1, N450/£1 and N390/€1.
The Central Bank official Interbank Naira/USD exchange also rate remained flat at N307.00/$1.
