Adedapo Adesanya
By Adedapo Adesanya
The Naira depreciated against the Pound Sterling at the parallel market on Thursday, October 24, 2019, as Brexit drama continues with the United Kingdom seeking an extension to leave from the European Union, a week before the set date to exit the body.
As the wait for the judgement from Brussels, the headquarters of the organisation on its extension continues, the Naira lost N1 against the British currency at the black market, closing at N463/£1 in contrast to N462/£1 recorded the previous day.
As for other major currencies on the parallel market, there was no major change to the Naira/American Dollar exchange rate as the local currency traded at N360/$1
As for the Naira/Euro, the local currency also remained flat as it traded at N403/€1. This occurred on the heels of interest rates in Europe were left unchanged in October as a final policy by Mario Draghi who will vacate the European Central Bank presidency this month and will be replaced by former International Monetary Fund boss, Ms Christine Lagarde.
At the Investors and Exporters (I&E) window, the Naira marginally depreciated by 0.01 percent or 7 kobo yesterday to exchange at N362.17/$1 against the N362.12/$1 it went for the previous session.
However, market turnover for the day dropped by 66 percent or $129.77 million from $196.32 million recorded on Wednesday to $66.42 million recorded on Thursday.
Taking a look at the Central Bank of Nigeria (CBN)’s interbank segment of the forex market, the Naira/USD saw no difference on the fourth trading day of the week as it remained flat at N306.95/$1.
