Naira Weakens Against Euro, Sterling at Parallel Market Friday

30-Day Treasury Bills Yield
Image Credit: Nairametrics

By Adedapo Adesanyan

The Naira closed weaker at the parallel market segment of the foreign exchange market on Friday, October 18, 2019 against both the British Pound Sterling and the Euro.

At the session, the domestic currency lost N4 against the Euro to close at N397/€1 at the close of transactions on Friday compared with the N393/€1 quoted on Thursday.

Following the Brexit deal reached by the United Kingdom and the European Union on Thursday, the Naira likewise depreciated against the British Pound Sterling, losing N3 to exchange at N455/£1 in contrast to N453/£1 recorded at the previous trading session.

However, the Naira/US Dollar remained unchanged as the local currency traded at N360/$1 at the black market.

At the central bank’s interbank segment of the market, the Naira/USD saw no difference at the end of week’s transactions as it remained unchanged at N306.90 after it appreciated on Wednesday.

At the Investors and Exporters (I&E) segment, the Naira appreciated by 0.07 percent or 27 Kobo to trade at N362.21/$1 compared with N362.48/$1 it traded at the previous session.

Total daily turnover, however, dropped by 42 percent or $183.79 million on Friday as investors transacted a total of $253.60 million against the $437.39 million exchanged at the segment on Thursday.

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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