The demand for Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market moderated on Wednesday, November 6, 2019, causing the Naira to appreciate at the close of transactions.
The local currency had come under a heavy pressure on Tuesday as a result of the astronomical rise in demand for the greenback at the market segment, resulting in the value of the Naira going down.
But yesterday, the domestic currency gained 24 Kobo against the American currency to trade at N362.66/$1 in contrast to N362.90/$1 it was exchanged the previous session.
During the midweek trading day, the total value of transactions recorded at the investors window stood at $280.97 million compared with $416.48 million on Tuesday, indicating a decline by 32.5 percent or $135.51 million.
At another market segment yesterday, the Naira remained unchanged against the US Dollar at the interbank window of the Central Bank of Nigeria (CBN), trading at N306.95/$1.
Similarly, the local currency remained flat against the Dollar at the parallel market at N360/$ and also stayed without moving an inch against the Euro to sell at N400/€1.
However, the domestic currency suffered a decline against the Pound Sterling at the black market despite the British currency coming under pressure of the double-barrelled gun of Brexit and the uncertainties surrounding the UK December 12 elections.
But at the midweek session, the the local currency depreciated against the Pound Sterling by N1 to close the day at N464/£1 compared with N463/£1 it was previously quoted at the market segment.
SOURCE – BUSINESS POST