Economy Value of Naira Depreciates to N306.95/$ at Interbank Market - BUSINESS POST
By Adedapo Adesanya
The first trading session of the week at the official window of the Central Bank of Nigeria (CBN) known as the interbank segment of the foreign exchange market ended on a bad note on Monday, November 18, 2019.
Business Post reports that the value of the Naira depreciated against the US Dollar at the market category yesterday by 5 kobo or 0.02 percent to trade at N306.95/$1 against N306.90/$ it had stayed in past sessions.
However, it was a different ball game for the Naira at the Investors and Exporters (I&E) segment of the market as the Nigerian currency appreciated by 8 Kobo or 0.02 percent to close Monday’s transactions at N362.50/$1. The Naira had previously traded at N362.58 to one dollar last Friday (November 15).
Business Post observed that the positive performance put up by the domestic currency was mainly influenced by the low demand for forex by customers during the trading day, which eased pressure on the Naira.
According to data from FMDQ, the I&E daily market turnover on Monday dropped by 25.4 percent or 69.6 million as investors exchanged a total of $204.28 million compared with $273.88 million recorded at the previous trading session.
However, the Naira still remained stable against the greenback at the parallel market, with the exchange rate at N360 to a single American Dollar at the close of business on Monday.
Also, the Naira traded flat against the Euro at the black market yesterday to quote at N398/€1.
But when the Naira was paired with the British Pound Sterling, it was a different scenario as the value of the local currency went down by N1 to trade at N465 to £1 compared with N464 to £1 it previously traded.