Naira Performs Better at I&E, Remains Flat at Parallel Market

By Adedapo Adesanya

The Naira was stronger than the previous day against the American Dollar at the Investors and Exporters (I&E) segment of the foreign exchange market on Wednesday as the Nigerian currency appreciated 47 kobo or 0.13 percent to close at N362.40 compared with N362.87 recorded on Tuesday.

However, the total value of trades at the I&E segment increased by $48.76 million or by 22 percent at the trading session.

Figures obtained from the FMDQ showed that the turnover yesterday was $273.16 million in contrast to Tuesday’s $224.40 million.

It wasn’t much of an ovation at the parallel market as the Naira remained flat against the major three currencies: the US Dollar, the British Pounds, and the Euro.

The local currency closed at N360/$1 against the greenback as it did in the previous trading day as the Central Bank of Nigeria (CBN) continued to intervene in the market despite declining foreign reserves.

The local currency also remained fixed against the British Pound Sterling on the same market window as the Naira traded at N450/£1 against a single unit of the British currency note after depreciating by N5 from N445 the previous day.

The Naira followed the same manner with the Euro at the close of Wednesday’s trading as the local currency remained flat at the end of the trading day at N398/€1.

Likewise at the Central Bank’s interbank segment of the foreign exchange market, the Naira remained at N306.95 against one US Dollar, indicating no movement since the beginning of the week.