Naira Remains Flat Across FX Market Segments Wednesday
By Adedapo Adesanya
At the resumption of trading on Wednesday, October 2, 2019 at the foreign exchange market, the Naira depreciated against the US Dollar at the Investors and Exporters (I&E) segment.
According to data sourced from the FMDQ on Wednesday, the local currency dropped 22 Kobo or 0.09 percent at the I&E segment of the market to trade at N362.55/$1 compared to N362.23/$1 recorded before the October 1 national holiday.
This occurred despite a decline in the total value of trades at the FX market segment to $76.16 million on Wednesday from 168.54 million on Monday, representing a depreciation of 54.81 percent or $92.38 million.
At the Central Bank of Nigeria (CBN) official Interbank Naira/USD exchange rate remained flat at N307.00/$1 on Wednesday after it depreciated from $306.95/$1 on Monday.
It was also a fixed affair across all major listed currencies at the parallel market as the Naira saw no movement against the US Dollar, British Pounds Sterling, and the Euro on Wednesday.
The Naira/US Dollar closed flat at N360/$1 against the greenback as it did in the previous trading day on the back of the CBN intervention to support the currency.
The local currency remained flat against the Pounds Sterling to close at N453/£1 as at the close of transactions on Wednesday.
Following the same trend, the local currency also saw no change against the Euro on Wednesday as the Naira closed at N395/€1 indicating a flat closing price quoted at the previous session.