Naira gains over Euro, stables at other forex markets

.As I&E FX window records $149m daily turnover

The Nigerian currency, Naira, on Monday, extended its gaining streak against the Euro to close at 421 to the Euro at the parallel market, but remained stabled over two other major currencies and across other foreign exchange markets, the Daily Times check has revealed.

Also, at the close of yesterday trading, the Investor & Exporter FX (I&E) widow recorded total daily transactions of $149.90 million, after recorded a $4.363 billion at the close of last month trading activities.
The local currency, at the parallel market on Tuesday seen at 421 to the Euro against 423, traded over the weekend, while it stood steadied at a buying rate of 360 and closed at 363 to the dollar, while Pound was bought at 470 before closing at 475.
At the official forex market, the Naira traded at 305.90 the same rate it was sold on Friday when the market closed officially for last week trading activities.

Similarly, the I&E FX window opened trading at a steadied rate of 360.15 to the US Dollar, the same price it closed on Friday but appreciated at the end of yesterday trading to close at 360.05, which was better than 360.57 sold on Friday.

Meanwhile, looking at the prophesy made by the General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, the local currency may be on the path of further gains, as he believed that the local currency would be powerful again because it was powerful before.
Adeboye was optimistic that Naira would be powerful again, because it was powerful before.

According to report, Adeboye said those responsible for the devaluation of the currency in the past few years will be arrested.
“The tide will turn in favour of the naira. For all those who are deliberately devaluing the Naira, as my God lives, they’ll be arrested.”

However, in a bid to ease the pressure of forex demand in key sectors of the economy such as, agriculture, aviation, petroleum and raw materials sectors, the Central Bank of Nigeria (CBN) has continued to ease the pressure of forex demand in key sectors of the economy, with weekly injections of forex into the Inter-bank foreign exchange market.

Stories by Motolani Oseni