Naira Suffers Marginal Decline at Investors Window Wednesday

Naira against pound sterling
Image Credit: The Sun

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.

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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