Naira Trades Mixed at Various Forex Market Segments

naira at forex market

By Adedapo Adesanya 

The Naira moved in different directions at the various segments of the foreign exchange (forex) market on Tuesday, an analysis by Business Post has showed.

At the interbank segment of the market, which is usually referred to as the official Central Bank of Nigeria (CBN) window, the local currency traded at its previous rate against the United States Dollar at N307 per Dollar.

At the Investors and Exporters (I&E) segment of the market, which was created by the apex bank in 2017, the domestic currency gained 0.13 percent equivalent to 46 Kobo against the greenback to trade at N364.11 to a Dollar, in contrast to $364.57 per Dollar it traded at the previous session.

The positive performance of the Nigerian currency came despite a slight pressure on it as reflected in the volume of transactions recorded on the platform during the session.

According to data on the FMDQ platform, the market turnover for Tuesday’s transactions stood at $265.85 million, higher than the $251.01 million quoted at the previous session, indicating a rise of 6 percent or $14.84 million.

At the Bureaux De Change (BDC) segment, the local currency depreciated in Lagos against the American currency by N1.50 to settle at N362/$1 from N360.50/$1 it was sold at the previous session.

In Abuja, the Naira also depreciated against the greenback, losing N1.20 to close at N362.50 to a Dollar compared with N361.30/$1 it traded on Monday at the same segment.

In Kano, the domestic currency appreciated by 50 kobo to sell at N360.50 to a Dollar compared with N361 per Dollar it traded the previous day, while it closed flat against the Dollar in Port Harcourt at N360.50/$1.

At the parallel market, the local currency remained unchanged against the American currency at N362/$1, just like it remained stable against the Euro at the same window yesterday at N403/€1.

However, the Naira pulled a good performance against the British Pound Sterling at the black market on Tuesday, appreciating by N2 to close at N475 in contrast to N477 it ended at Monday’s 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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