Naira steadies at official window amidst low trading activity

Nigeria’s local currency begins the month of November at a rate of N415.10 to a US dollar amid a low trading activity in the previous session.

Data obtained from FMDQ securities showed at the Investors and Exporters (I&E) window of the foreign exchange (FX) last weekend the Naira closed at N415.10/$1 the same rate it ended Thursday trading session.

This happened as the value of transactions by exporters and investors dropped to $93.71 million in the last trading session compared to the $263.70 million transacted on Thursday.

What this means is that FX demand at the last trading day of the week on I&E depreciated by 64.5 percent or $169.99 million.

However, at the interbank market, the U.S dollar increased in value to Naira to close at N411.09/$1 as against N411.06/$1, it closed on Thursday.

Nigeria’s currency also depreciated by 75 kobo against the British Pound Sterling to exchange for N565.29/£1 compared to the previous session at N564.54/£1.

There was however respite for Naira against Euro as it gained 36 kobo to sell for N476.67/€1 in contrast to N477.03/€1 it traded on Thursday.

However, at the parallel market, the Naira exchanged at N563/$1 on Monday morning, according to a local dealer in Ikeja area of Lagos.