Adedapo Adesanya
By Adedapo Adesanya
The Investors and Exporters (I&E) segment of the foreign exchange market on Tuesday, July 30, closed with the Naira depreciating by 52 Kobo against the US Dollar.
At the segment, the local currency traded against the American dollar at N362.39/$ from the previous N361.87/$, while the daily market turnover further dipped by 54 percent to $79 million from Monday’s $171.89 million.
At the CBN’s interbank, the Naira was stable against the American Dollar as the local currency traded at N306.85/$, same with the previous day’s value.
Also at the parallel segment of the foreign exchange (forex) market, the Naira closed with no changes, trading at a fixed N360 per Dollar at the end of transactions. It was not a different story for the Naira against the British Pound at the same segment of the market as the local currency remained fixed against the British legal tender at N455/Pound as it did at the previous price on Monday.
However, it was good news for the Naira against the Euro as the local currency appreciated by N2 from the previous N402/Euro to N400 at the end of Tuesday’s trading.
