Adedapo Adesanya
By Adedapo Adesanya
At the midweek session at the black market segment of the foreign exchange (forex) market in Nigeria, the performance of the Naira against the British Pound Sterling.
Business Post reports that this came on the premise that the Conservative Party’s lead at the YouGov polls ahead of the its staunch rivals, the Labour Party, is narrowing as the December 12 elections in the United Kingdom draw closer.
At the close of business on Wednesday, 27 November, 2019, the local currency depreciated by N2 against the British currency at the parallel market to trade at N467/£1 compared with N465/£1 recorded on Tuesday.
However, at the same market window, the Nigerian Naira put up a better performance against the Euro, appreciating by N1 to exchange at N395/€1 after depreciating to N396/€1 at the previous session.
But the Naira/Dollar exchange rate remained static at the black market yesterday, selling at N360/$, the same amount it had been for a very long time at the segment.
At the Investors and Exporters (I&E) window created by the Central Bank of Nigeria (CBN) over two years ago, the Naira depreciated marginally by 0.01 percent or 3 Kobo to trade at N361.64/$1 compared with N361.61/$1 it traded at the previous session.
During the session, the total turnover recorded a decline of 37.9 percent or $66.87 million as traders carried out transactions valued at $109.41 million at the window versus $176.28 million on Tuesday.
At the interbank segment of the market, the Naira/USD exchange rate saw no difference at the midweek trading, remaining at N307/$1 after it depreciated on Tuesday from N306.95/$.
