Adedapo Adesanya
By Adedapo Adesanya
The Naira traded flat against the Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Wednesday, September 25 2019. This rarely occurs on the market segment.
According to data sourced from the FMDQ yesterday, the local currency was exchanged against the American currency at N362.29/$1, the same price it was quoted on Tuesday at the I&E window.
Business Post observed that the demand for forex at the investors arm of the market yesterday went down as indicated by the daily market turnover, which closed at $157.77 million, a sharp reduction from the $245.65 million recorded in the previous session on Tuesday. This represents a 35.8 percent or $87.88 million drop.
A look at other segments of the FX market yesterday showed that the domestic currency closed flat against the three major foreign currencies at the parallel market; the Dollar, Pound Sterling and Euro.
The Naira was exchanged against the greenback at N360/$1 at the black market as it did in the previous trading day.
On Tuesday, the Naira lost N1 against the British Pound Sterling following UK Supreme Court ruling declaring Prime Minister Boris Johnson’s closure of the parliament “illegal”. But on Wednesday, as the parliament resumed for business, the Naira traded flat against the Pound Sterling at N454/£1.
For the Euro, the local currency remained unchanged at N397/€1.
At the official window of the Central Bank of Nigeria (CBN), which is also called the interbank segment, the Naira also remained unchanged against the US Dollar at N306.95/$1.
