By Adedapo Adesanya
Wednesday’s transactions closed at the foreign exchange market with the Naira depreciating against the US Dollar by the largest margin in months at the Investors and Exporters (I&E) segment of the market.
According to data gathered from FMDQ, the local currency lost 53 Kobo or 0.15 percent to record N362.58/$1 against the American Dollar in contrast to N362.05 per Dollar recorded on Tuesday.
This was despite the daily market turnover at the segment going down by 9.3 percent or $23.42 million during the session. Business Post reports that investors exchanged a total of $227.94 million compared with $251.36 million recorded previously.
However, the performance of the Naira at the parallel market further remained flat against all the major foreign currencies tracked; the US Dollar, the British Pound Sterling and the Euro.
The local currency traded the US Dollar at N360/$1 and then exchanged against the Euro at N400/€1 at the same market window as at the close of transactions on Wednesday.
Likewise, the Naira closed flat against the British Pound Sterling to trade at N463/£1. It is important to note that the British currency has seen a lot of gains in light of the Brexit process as investors will be looking ahead to a United Kingdom general election scheduled to hold on December 12, more than a month before the United Kingdom finally leaves the European Union.
The EU recently extended the Brexit deadline to January 31, 2020 after the initial October 31, 2019 (today).
Dipo Olowookere