Adedapo Adesanya
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).
