Naira Weakens Against Euro, US Dollar on Friday 

August 31, 2019
naira at forex market

By Adedapo Adesanya 

Naira’s performance on the foreign exchange market yesterday was weak as the Nigerian currency depreciated against the Euro at the parallel market as well as against the US Dollar at the Investors and Exporters (I&E) window.

At the parallel market, the Naira depreciated N3 against the European currency to trade at N398/€1 from N395/€1 recorded on Thursday.

At the investors window, the Nigerian currency closed at N362.93 per Dollar on Friday against Thursday’s N362.61/$, indicating that the value of the Naira against the Dollar dropped by 32 Kobo or 0.09 percent.

At the same market segment, the total value of the transactions on Friday stood at $186. 91 million, 46 percent or $159.52 million lower than $346.43 million recorded in the previous session.

However, at the parallel market, the local currency remained on the same spot against the British Pound Sterling, exchanging at N446/£1.

On the same market, the Naira also remained flat against the US Dollar, trading at N360 per Dollar.

At the Central Bank’s interbank segment of the foreign exchange market, the Naira remained N307.00 against one US Dollar indicating that no movement occurred.

Adedapo Adesanya

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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