Naira Under Pressure, Falls to N363.31/$ at I&E
By Adedapo Adesanya
Thursday was a different ball game at the Investors window for the Naira as it depreciated by 48 Kobo against the US Dollar to trade at N363.31 from N362.83/$ it was traded on Wednesday.
This was caused by the huge pressure the local came under at the segment as reflected in the daily market turnover yesterday, which continued to rise.
Data gathered by Business Post from the FMDQ indicated that the investors window recorded a total turnover of $334 million during the session as against the $302 million worth of transactions recorded on Wednesday.
At another segment of the foreign exchange market yesterday, specifically the Central Bank of Nigeria (CBN)’s interbank window, the Naira/US Dollar rate saw no movement, closing on Thursday at $306.90/$, the same rate it did the previous day.
In addition, the Naira was flat at the parallel market on Thursday as it continued to trade at N360 against the American Dollar, the same rate it has been exchanged for some days now.
At the same market segment, the British Pound followed this same path as the Dollar, with the local currency trading against the British currency like it did yesterday at N450/£.
However, the Naira appreciated against the Euro at the black market yesterday by N4 to trade at N396 to a single Euro on Thursday from N400/€ in the previous session.
Business Post observed that during Thursday’s trading session at the parallel market, the Naira recorded changes at different time of the day. An analysis of the price movement showed that in the morning, the local currency traded against the Euro at N400, but by afternoon, it was exchanged at N398/€ before finally closing at N396/€ in the evening.