Adedapo Adesanya
By Adedapo Adesanya
The performance of Naira was stronger on Tuesday than it was at the previous trading day at the foreign exchange market.
The local currency proved just that against the American Dollar at the Investors and Exporters (I&E) segment of the foreign exchange market yesterday by appreciating by 28 kobo or 0.10 percent to close at N361. 80 from N362.08 recorded on Monday.
Total trade at the I&E segment went down by $21.92 million or 11 percent to $174.59 million on Tuesday from $196.51 million recorded in the previous session.
The Naira also closed stronger at the Central Bank’s interbank segment of the market as the Naira/USD rate also appreciated by N0.05 or 0.02 percent to trade at N306.85 from N306.90.
The local currency closed strongly at the parallel market against the British Pound Sterling as the Naira traded at N446/£1 against a single unit of the British currency note, appreciating N1 following the previous day’s N447/£1.
Against the US Dollar, the local currency closed at N360/$1 against the greenback as it did in the previous trading day.
The Naira followed the same manner with the Euro at the close of Tuesday’s trading as the local currency remained flat at the end of the trading day at N395/€1.
