Adedapo Adesanya
By Adedapo Adesanya
Amidst projections that the Naira might be dealt a huge blow this week with the bearish oil prices and tension caused by U.S and China trade war, the local currency closed for the second day of the week positive, appreciating against the US Dollar at the Investors and Exporters window.
The Nigerian currency closed N362.88 against the Dollar compared with the price it was sold on Monday at N362.99/$, indicating that the Naira gained 11 Kobo or 0.03 percent at the Investors segment.
A look at the transactions at the market segment showed that a daily market turnover of $191.19 million was recorded on Tuesday, 27 percent higher than $150.36 million recorded on Monday.
At the Central Bank’s interbank segment of the foreign exchange market, the Naira/USD which moved yesterday to N307.00 saw no change on Tuesday as it remained fixed at the close of the day.
The parallel market saw the Naira appreciating by N1 against the Euro from Monday’s N397/€1 to close at N396 to one Euro. It wasn’t looking promising earlier in the day for the Naira as the Euro went higher to N398 but it later went on to close at N396/€1.
The local currency however remained fixed against the British Pound Sterling as the Naira traded at N444 against a single unit of the British currency note as it did previous day.
On the same market, the Naira remained flat against the US Dollar as it did against the British Pound at the close of Monday’s trading window as the Naira remained at N360 per Dollar, as it has always been since the inception of the Central Bank’s $201 million intervention.
