Naira Gains 26 kobo at I&E to Quote at N363.74/$

By Dipo Olowookere

At the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Thursday, the Naira managed to garner a little strength of 0.07 percent to grow stronger against the US Dollar.

According to data from the FMDQ website, the local currency was traded at the market section at N363.74 per Dollar against the N364 per Dollar it traded the previous day, indicating a 26 kobo gain.

This was as the total turnover at the I&E forex window on Thursday closed at $255.28 million with a total of 400 deals.

A look at other segments of the forex market showed that the local currency was relatively stable across the sections.

Specifically, at the interbank market, the Naira did not move an inch, quoting at N306.35 to the Dollar, the same rate it was sold the previous session.

Also at the SMIS window, the local currency remained unchanged at N361.34 to the Dollar.

Furthermore, it was the same scenario at the parallel market, with the Naira staying put at N361 to the Dollar.

Also at the same market segment, the exchange rate of the two other major foreign currencies; Pound Sterling and Euro, remained stable at N480 and N420 respectively.