Naira Trades N362.32/$ at I&E After 28 Kobo Loss

By Adedapo Adesanya 

The new trading week closed on Monday, September 16, 2019 at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market with the Naira depreciating by 28 Kobo or 0.08 against the US Dollar.

According to data gathered from the FMDQ website by Business Post, the local currency traded at N362.32/$ against the American currency at the investors’ window yesterday compared with N362.04/$ it was exchanged in the previous trading day on Friday.

However, further details show that the segment recorded a drastic drop in its daily market turnover from what was recorded last Friday. On Monday, the value of trades recorded at the forex window was $67.58 million, which stood at 83 percent lower than the turnover at the last session.

It was observed that this occurred as investors anticipate that the Naira will gain against the American Dollar this week on the back of renewed interest by foreign portfolio investors in local financial assets.

At another segment of the market yesterday, specifically the parallel market, the Naira remained flat against the greenback at at N360/$, but appreciated against the British Pound Sterling and the Euro.

The local currency gained N2 against the Pound to close at N448/£ versus N450/£ last Friday, while it appreciated against the Euro by N1 to close at N395/€ from N396/€ it traded at the previous session.

At the interbank segment of the market, the Naira remained flat N306.90/$.

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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