Naira Trades Mixed at FX Market Monday
By Adedapo Adesanya
The new trading week at the foreign exchange market saw a diverse performance for the Naira against the major listed currencies across the various segments of the market on Monday, September 23, 2019.
At the Investors and Exporters (I&E) window, the Naira, which depreciated last Friday to N362.39/$1, appreciated on Monday by 0.05 percent or 18 kobo to close against the American currency at N362.21/$1.
This occurred as the daily market turnover went down by 263.26 million or 59.5 percent from total volume of $442.36 million exchanged on Friday to $179.10 million recorded on Monday.
At the parallel market, the Naira unfortunately did not have by comparison an impressive performance on the first trading day of the week as the exchange rate remained flat at N360/$1.
With Brexit negotiations tilting the Pound Sterling as a strong currency in recent weeks, the local currency depreciated against the British currency by N3 to trade at N453/£1 at the black market compared with N450/£1 in the previous trading session on Friday.
As for the local currency against the Euro at the parallel market, it traded at N397/€1 on Monday as fresh data from the Eurozone’s largest economy, Germany, suggested that the ongoing slump of the currency could be worsening.
Also, staying stable from Friday was the Naira exchange rate against the US Dollar at the Central Bank’s Interbank segment of the foreign exchange market which remained flat at N306.95/$1.