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Economy Naira Records Mixed Trading at FX Market Segments Monday - BUSINESS POST

DECEMBER 10, 2019

By Adedapo Adesanya

The value of the Nigerian currency, the Naira, closed mixed against the United States Dollar at the various segments of the foreign exchange (FX) market on Monday, December 9, 2019.

The various markets monitored by Business Post on the first trading day of the week showed that while the local currency depreciated at the Investors and Exporters (I&) window, it appreciated at the official interbank segment of the Central Bank of Nigeria (CBN). At the parallel market, the domestic currency traded flat.

Data from the FMDQ OTC Securities indicated that yesterday, the Naira was strengthened against the American currency by 5 Kobo or 0.02 percent to close at N306.90 per dollar compared with N306.95/$1 that it traded previously.

However, a look at the investors window showed that the local currency further depreciated by 22 Kobo to quote at N363.36 against the greenback in contrast to N363.14/$1 it was exchanged on Friday at the same window.

During the session, the daily market turnover reduced by 69.9 percent or $255.06 million as investors exchanged a total of $109.85 million against $364.91 million exchanged at the previous session.

At the black market, the Naira traded unchanged at N360 to a one Dollar yesterday. The domestic currency also traded flat against the British Pound Sterling at N468/£1.

However, against the Euro, the local currency traded down by N1 to close at N396/€1 compared to N397/€1 that it traded at the previous session on the black market on Friday.

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