By Adedapo Adesanya
Transactions closed at the foreign exchange market on Wednesday, November 13, 2019 with the Naira depreciating marginally against the US Dollar at the Investors and Exporters (I&E) segment of the market.
According to data gathered from the FMDQ, Business Post understands that the local currency dropped by just 2 Kobo equivalent to 0.01 percent to quote at N362.52/$1 against the American Dollar at the segment from N362.50 per Dollar recorded on Tuesday.
Despite this, the value of transactions at the window depreciated by 74 percent as investors exchanged a total of $208.81 million, lower than the $805.92 million recorded at the previous session, indicating a difference of $597.11 million.
At the interbank segment of the Central Bank of Nigeria (CBN), the local currency traded flat against the Dollar at N306.90/$ on Wednesday, while at the parallel market, the Naira remained flat against the American currency, trading at N360/$, the same rate it had been for weeks.
However, at the same black market yesterday, the local currency appreciated against the British Pound Sterling at the close of mid-week transactions to trade at N464/£1 against N465/£1 it had traded on Tuesday.
The British currency had seen a lot of pressure in light of the Brexit process as investors will be looking ahead to a United Kingdom general election scheduled to hold 12th December.
Also, the Naira followed the same movement against the Euro, appreciating by N1 on Wednesday to close at N398/£1 compared to N399/£1 recorded at the previous trading session.
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