Adedapo Adesanya
By Adedapo Adesanya
The mid-week session at the foreign exchange (forex) market in the country saw a continuous rise in the daily market turnover at the Investors and Exporters (I&E) Window.
Business Post gathered from Zedcrest Research that the turnover of transactions at the investors forex segment increased yesterday by 200.8 percent to $385 million from the $128 million turnover recorded on Tuesday.
But despite the huge rise in turnover on Wednesday, the Naira traded flat against the Dollar at the window, closing at N361.75/$.
It was a similar scenario at other segment of the market yesterday, with the local currency remaining unchanged at the close of business.
At the official Central Bank of Nigeria (CBN) table, the Naira rate to the U.S. Dollar remained stable at N306.90/$ at the end of the closing period on Wednesday.
At the parallel market, the Naira continued to see no movement as it neither appreciated nor depreciated to remain fixed at N360 to a single dollar.
It was also the same case with the British Pound, which saw no change to close to at N455 per Pound Sterling.
It however, changed for against the Euro as the local currency depreciated by N1 to sell at N404 per Euro from the previous day’s N403/Euro.
On Tuesday, the Central Bank of Nigeria held its benchmark interest rate of 13.5% to battle persistently high inflation even as it seeks to boost lending to grow the nation’s economy.
