Naira Trades N360/$ at Black Market, N306.85/$1 at Interbank

By Adedapo Adesanya 

The Naira’s performance was diverse across different segments of the foreign exchange market on Wednesday.

At the parallel market, the local currency performed relatively better, but at the Investors and Exporters (I&E) segment of the forex market, it did not put up a sterling performance.

At the I&E segment of the foreign market on Wednesday, the Nigerian currency depreciated by 11 kobo or 0.05 percent to close at N361.99 in contrast to N361.80 it recorded on Tuesday.

A look at the daily market turnover at the I&E segment indicated an increase by 52 percent or $91.52 million to $266.11 million. This was higher than $196.51 million recorded in the previous session.

At the Central Bank’s interbank segment of the market as the Naira/USD rate was flat at N306.85/$1 after it appreciated by N0.05 on Tuesday.

The local currency closed flat yesterday against the Dollar at the parallel market at N360/$ as well as against the British Pound Sterling, exchanging at N446/£1 at the black market.

However, the domestic currency had a better performance at the same market window against the Euro, gaining N1 against the European legal tender to trade at N394/€1 on Wednesday compared with the N395/€1 it was exchanged the previous day.

Recall that on Tuesday, the Central Bank of Nigeria (CBN) intervened in the forex market with the sale of $210 million to authorized traders in the foreign exchange market in the country.

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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