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Naira Stays Firm At Parallel Market

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The value of the naira yesterday weakened at interbank market end of the Central Bank of Nigeria (CBN) window while it stayed firm at the parallel market and the Nigeria Autonomous Foreign Exchange window. Data on the official website of the CBN showed that the value of the naira dropped by five kobo to trade at N305.75 from N305.7 which it has traded at since last week.
The pounds sterling also appreciated against the naira to sell at N408.11 as against N404.31 while the euro further appreciated to N360.50 from N358.12, which it traded at the previous day.

At the parallel market the naira was able to maintain its strength against the dollar as it closed at N359 while the naira fell against the pounds to close at N480 from N478. Euro lost its appreciation against the naira as against its previous appreciation of N421 to N418.5.
However, there was a drop in the value of the dollar at the FMDQ window has it closed at N361.91/$ which signifies a 0.09 appreciation of the naira which closed at N362 the previous day with a turnover of N106.46.
Meanwhile, on the global scene, the British pound remained depressed as market anxiety created from heightened political risk and ongoing Brexit uncertainty continues to be reflected on the currency.
According to FXTM currency analyst, Lukman Otunuga, investors are likely to remain extremely wary of holding onto the pound this week due to ongoing political uncertainty in the United Kingdom.



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