Naira Loses Against Pound After Boris Johnson Court Loss

September 25, 2019
Naira Loses Against Pound After Boris Johnson Court Loss

By Adedapo Adesanya 

The Naira depreciated against the British Pound Sterling at the parallel market on Tuesday, September 24, 2019 as the United Kingdom Supreme Court ruled out Prime Minister Boris Johnson’s suspension of parliament just a few weeks before Brexit.

Following the UK Supreme Court ruling, the Naira which closed on Monday at N453/£1 depreciated by N1 to trade at N454/£1 as at mid-day and ended the transaction window at the same rate.

The unanimous Supreme Court ruling had declared the order to suspend Parliament “void and of no effect.”

As for other major currencies on the parallel market, there was no major changes as the American Dollar and the Euro as exchange rates remained flat as it did at the close of Monday’s trading session.

The Naira/US Dollar remained unchanged as the local currency traded at N360/$1, while the local currency traded against the Euro at N397/€1 at the same market.

At the Investors and Exporters (I&E) window, the Naira marginally depreciated by 0.02 percent or 8 kobo after Monday’s rise to N362.21/$1. On Tuesday, it traded at N362.29/$1.

The slight decline recorded by the domestic currency yesterday was driven by the pressure caused by the more demand for forex by customers. This drove the daily market turnover up by 37 percent or $66.55 million to $245.65 million on Tuesday from $179.10 million recorded on Monday at the foreign exchange market window.

A look at the Central Bank of Nigeria (CBN) official forex segment, which is also known as the interbank segment, the Naira remained unchanged when peered against the Dollar, trading at N306.95/$1.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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