By Adedapo Adesanya

The new trading week kicked off on a positive note at the foreign exchange market on Monday with the Naira appreciating by 15 Kobo against the US Dollar at the Investors and Exporters (I&E) segment of the market.

It was gathered that the local currency was traded at N362.99 against the American Dollar at the Investors window in contrast to N363.14/$ it was exchanged at the last session on Friday, representing a 0.04 percent gain.

The gains posted yesterday occurred despite fears nursed by observers that the local currency may not perform well at the market due to events at the global scene as a result of fluctuations in the prices of crude oil as earlier reported by Business Post.

It was observed that the daily market turnover on the first trading day of the week stood at $150.36 million, lower than the $680.48 million turnover recorded last Friday, indicating a drop by 77.90 percent.

At the Central Bank’s interbank segment, the Naira/US Dollar rate finally saw a movement on Monday as the Naira depreciated by 5 Kobo from N306.95/$1 to trade at N307/$1.

On the parallel market, all three foreign currencies placed against the Naira – the US Dollar, the British Pound Sterling, and the Euro saw no movement from their trading rates on Friday.

Leading the pack was the Naira/USD which traded at the still price of N360/$1 as it has done for sometime. The local currency also saw no changes against the British Pound Sterling as it closed at N444/£1. The Naira/Euro rate closed on Monday like it did last week Friday at N397/€1.

https://businesspost.ng/2019/08/27/naira-gains-15-kobo-against-dollar-at-ie-loses-5-kobo-at-interbank/