Naira Trades N306.95/$1 at Interbank Tuesday 

By Adedapo Adesanya

The performance of the Naira at the foreign exchange market was mixed on Tuesday.

For example, the local currency traded flat at the interbank segment of the market, closing at N306.95/$1 yesterday.

It was a similar situation at the parallel market during the trading session to exchange at N360 to a Dollar, the same rate it has been transacted in the past days.

The Naira also did not record any movement against the Euro on Tuesday as the local currency remained fixed at N398/€1 as it closed on Monday.

However, the local currency depreciated against the British Pound at the black market by N5, closing at N450/£1 against N445/£1 it was sold on Monday.

At the Investors and Exporters window, the local currency depreciated against the Dollar by 14 kobo or 0.04 percent to trade at N362.87 from N362.73 recorded in the previous trading day.

According to data from the FMDQ, the Naira came under pressure yesterday as the volume of transactions at the investors’ segment rose by 225 percent to $224.40 million from $75.13 million on Monday.