Naira Weakens by 0.04% as Turnover Climbs to $680m Friday 

August 24, 2019
naira depreciate

By Adedapo Adesanya 

Trading ended this week on Friday August 23, 2019 at the Investors and Exporters segment of the foreign exchange market with the value of the Naira going down 13 Kobo or 0.04 percent against the dollar to trade at N363.14/$1 in contrast to N363.01/$1 it exchanged on Thursday.

It was observed that weakening of the local currency was caused by the pressure on the Nigerian currency as a result of the demand for the Greenback by foreign portfolio investors, who are converting their assets.

At the close of transactions on the window, the daily market turnover further increased by 122 percent to $680.48 million from $306.82 recorded in the previous session.

At the parallel market, the local currency remained unchanged against the British Pound Sterling, trading at N444 to a single unit of the British currency, the same rate it was traded on Thursday.

It was a similar situation for the Naira against the Euro at the same market segment on Friday as the local currency was exchanged between sellers and buyers at N397/€, the same amount it was sold the previous session.

It was not different with the United States Dollar as the local currency traded at N360 per Dollar, as it did throughout the week.

Also at the interbank segment of the forex market yesterday, the local currency exchange rate remained flat at N306.95 to a single dollar, the rate it was exchanged throughout the week.

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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