Naira relapses against Pound, steadies across Dollar, Euro at parallel market

After trading at N484 to the Pound sterling for two consecutive days within the week, the Nigerian currency, Naira on Thursday relapsed to 485, the same rate it traded on Monday at the parallel segment of the foreign exchange market.

Although, the Naira stood steadied across the other two major foreign currencies, dollar and euro, with the closing rates of 365 and 428, respectively, at the unofficial forex market.

Breakdown of the four trading days during the week, saw the US dollar maintained a strong fight against the Naira to close at 365/$, the same rate it sold on the first trading day of the week, which was sustained the three other tree days at the parallel market.

For Euro, the Naira recorded a depreciated rate for the first time at the end of trading activities in the mid week, after selling at 427 per Euro on Monday and Tuesday but could only sustained the depreciated rate of 428 at the close of yesterday business activities.

Also, at the official forex market, the naira, halted its gaining streak consistency to close at the appreciated rate of 306.15 sold on Wednesday, even though it was stronger than 306.20/$ on Tuesday and N306.25 traded on Monday.

At the Investors& Exporters (I&E) FX window, the local currency, started trading on a positive note, with an opening rate of N306.25, gaining 0.02 per cent while compared with N360.34, however, recorded a depreciated closing rate of N361.31 compared to N360.91 stood on the previous day.

The I&E FX window, also, recorded significant drop in the daily transactions turnover with closing figure of $116.30 million compared to the traded sum of $856.45m on Wednesday .

The autonomous FX segment, had on Tuesday declared a total sum of $113.58m, which was stronger than $109.67m sold on Monday, as midweek exchanged figure remained the highest on a single trading day in the recent time.