Adedapo Adesanya
By Adedapo Adesanya
Thursday, August 22, 2019 closed at the foreign exchange market with the Naira depreciating by 24 Kobo against the US Dollar at the Investors and Exporters (I&E) segment of the market.
It was gathered that the local currency traded at N363.01 against the American Dollar at the Investors window from N362. 77/$1 the previous trading day on Wednesday. This is equivalent to a 0.07 percent decline for the local currency against the American Dollar.
The daily market turnover on Thursday increased to $306.82 million from $176.49 million recorded on Wednesday, indicateding that there was higher pressure on the local currency compared with the previous day.
Business Post reports that the 73.9 percent increased in the volume of transactions yesterday resulted in the 0.07 percent depreciation the Nigerian currency suffered at the forex window.
At the Central Bank’s interbank segment, the Naira/US Dollar rate saw no movement at the closing day of the trading on Thursday as Naira traded at $306.95/$1 same as it did the previous day.
On the parallel market, the Naira saw no movement as the nation’s currency traded at the still price of N360 as it has done for sometime.
However, the local currency depreciated against the British Pound Sterling by N1 to close at N444 to a single Pound following Wednesday closure at N443.
The Naira/Euro, on the other hand appreciated by N1 at the parallel segment of the market to trade at N397/€1 compared to Wednesday’s N398/€1 at the close of transactions on Thursday.
