Naira falls to 368/$1 at parallel market, drop at interbank

.Appreciates by 0.062% at I&E FX window

The naira, on Monday fell further to close at 368 per US dollar, indicating a drop of total three points from a depreciated rate of N365 traded last Monday at the parallel market.

The Nigerian currency, however, recorded appreciable points of N2.28 at the Investors and Exporters window, representing 0.062 per cent, while comparing yesterday closing rate of N362.50 from N364.78 traded on Friday, even though it opened at N365.68 against N365.91 on Friday.

Also, the volume traded at I&E FX window improved to $142.88 million from a rebounded performance showed last trading day of last week, which was put at $142.28, against $162.26m stood less than a week, data obtained from the FMDQ OTC has revealed.

However, at the end of yesterday trading, the local currency extended its losing streak against major foreign currencies, dollar and pound sterling at the unofficial segment of the Foreign Exchange (Forex) market, closing at 368 to the dollar against 367 sold over the weekend and 478 to the pound compared to 476 on Friday, while remained steady at 430 per Euro.

As at close of the official interbank market on Monday, the naira dropped at 366.05 to the dollar against 365.20 traded on Friday, and 475.02 to the pound compared to 473.77 exchanged on Friday, while steadied at 431.71 against 429.40 traded when the market closed for last week trading activities.

But the CBN official foreign rate remained unchanged at 305.60 to the Greenberg yesterday, the same rate it was sold on Friday, even though it was slightly depreciated to the 305.55 traded on Thursday and Wednesday last week.

Motolani Oseni