Naira Recovers, Gains 27 Kobo Against Dollar at I&E Friday

By Adedapo Adesanya 

The last transaction day of the week at foreign exchange market in Nigeria ended with the Naira appreciating against the US Dollar at the Investors and Exporters (I&E).

During the trading session on Friday, November 15, 2019, the local currency gained 21 Kobo against the greenback at the market segment to trade at N362.58/$1 in contrast to N362.75/$1 it was sold on Thursday at the same window.

From what Business Post observed yesterday, the domestic currency recorded the appreciation, after falling the previous day, on the back of ease in the demand for forex at the market category.

This was shown in the value of transactions carried out at the investors window during the day, marginally by 0.02 percent or $50,000 to $273.88 million from $273.93 million exchanged at the previous session.

A look at another segment of the market on Friday indicated that the Nigerian currency remained unchanged against the American currency at the interbank segment of the Central Bank of Nigeria (CBN). At the trading session, the Naira was exchanged against the Dollar at N306.90/$1, the same rate it was traded on Thursday.

At the parallel market, the domestic currency also closed flat against the greenback, trading at N360/$, the same amount it had remained since the beginning of this week.

When compared with the British Pound Sterling, the Naira traded flat at N464/£1 as the United Kingdom polls on December 12 moves closer, with investors still holding the forte.

In the same vein, the local currency also remained flat against the Euro as it saw no changes against the shared currency to closed at N398/€1 like it did at the previous session on Thursday.

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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