Adedapo Adesanya
By Adedapo Adesanya
The Naira’s performance at the foreign exchange market ran into its third consecutive ‘good’ day as the Nigerian currency continued to perform impressively across the parallel and investors segments of the foreign exchange market in the country on Friday.
At the Investors and Exporters (I&E) window, the Naira appreciated by 0.03 percent or 11 Kobo to close at N362.08/$1,better than N362.19/$1 registered at the segment on Thursday.
Following Thursdays’ trend, daily market turnover went up by $12.54 million to $322.44 million from $309.88 million in the previous session, indicating a 4 percent increase in market volume.
At the parallel market, the domestic currency started weakly against the British Pound after it traded on Friday morning at N448/£1 compared with its closing price of N447/£1 on Thursday, but as at the close of trading yesterday, the local currency traded back at N447/£1, depicting a flat rate from figures recorded on Thursday.
Still at the same market, the Naira did a similar thing against the Euro to close stronger at N397/€1 after it traded earlier in the morning by N398/€1 indicating that the Naira appreciated N1 on Friday against the Euro.
Due to obvious influences, the Naira/US Dollar on the parallel market remained stable still at N360/$1.
Also staying stable on Friday was the Naira/US Dollar rate at the interbank window of the Central Bank of Nigeria (CBN). The local currency remained flat at N306.90/$1.
