Naira settles low at NAFEX, remains stable at parallel market

.As interbank closes at 305.70/$1

The Nigerian currency, Naira, on Tuesday, settled low against the US Dollar at the Nigerian Autonomous Foreign Exchange (NAFEX) widow, but remained unchanged at the parallel segment of the foreign exchange market, Daily Times check has revealed.

At the close of yesterday trading activities at the interbank forex market, the Naira, suffered slightly to close at 305.70 to the dollar, against 305.65 exchanged on Monday and 305.55 traded on the corresponding period last week.

The NAFEX widow, had began trading on Tuesday at weaker rate of 359.90 to the Dollar compared to 359.61 recorded on Monday, representing a total drop of 0.08 per cent, while closing at 360. 39 against 360.13 sold on Monday to shed a 0.07 per cent.
The autonomous forex window, also, declared a drop $10.37 million in just one day, while comparing traded volume of $146.06m yesterday from $156.43m sold on Monday and $268.18 declared last Tuesday, our correspondent findings have showed.

But this was not the same at the parallel market, as the local currency, sustained traded rate of 363 to dollar and 475 per pound Sterling, even though it strengthened a bit over the Euro to close at 424 against 425 traded the previous day and 425 exchanged last Tuesday

Forex dealer, however, optimistic that the investors’ forex window capable of recording more successes, even as they believed it has successfully reversed the zero level of investors’ confidence to highest height.

Meanwhile, as at Monday, October 23, the nation’s external reserves stood at $33.546 billion, higher than $33.11bn earlier in the month.

As at October 3, 2017, the foreign reserves stood at$32.740bn against the balance of $32.046bn on September 19, representing total growth of $693.704m in just11 working day.

Stories by Motolani Oseni