The Pound Sterling and the Euro closed at N470 and N402, respectively.
Trading at the Bureau De Change (BDC) segment saw the naira closing at N360 to the dollar, while the Pound Sterling and the Euro traded at N470 and N402, respectively.
At the investors’ window, the naira exchanged at N360.99 to the dollar as market turnover hit 109.52 million dollars.
Meanwhile, the volume of dollars traded (turnover) in the Investors and Exporters (I&E) window of the Nigerian foreign exchange market dropped by 39 percent, month-on-month, to $4.6 billion last month from $7.48 billion in March, 2019.
This represents the second consecutive monthly decline in the volume of dollars traded (turnover) in the window since February.
After rising by 204 percent to $9.13 billion in February, courtesy of increased inflow from foreign portfolio investors (FPIs), the monthly turnover dropped by 22 percent to $7.48 billion in March.
Mercedes-Benz maintains lead with launch of new SUVs Hence, the 39 percent decline in monthly turnover in April suggests slowdown in dollar inflow from FPIs, which accounted for 72.53 percent of total inflow in March.
Analysis of weekly turnover in the window showed that $1.09 was traded in the first week of April, and turnover fell by 11 percent to $966.3 million in the second week but rose again by six percent to $1.03 billion in the third week.
The upward trend was maintained in the fourth week as turnover rose further by17 percent to $1.2 billion.
The window recorded $342.09 million in the last two days of the month. Further analysis shows that the $4.6 billion turnover recorded in April increased year-to-date turnover to $24.2 billion, up by 24 percent from $19.61 billion in March.
However, the naira depreciated slightly by nine kobo in April as the indicative exchange rate of the window rose to N360.69 per dollar on 30th of April from N360.60 per dollar on April 1st.
You may be interested
Violence against Fulani : PANDEF, Afenifere, Ohanaeze Ndi Igbo hypocritical – Northern CoalitionAdemola Yakubu - July 18, 2019
By Omeiza Ajayi ABUJA – The Coalition of Northern Groups CNG has expressed surprise at the inability of the President…
NSE drops to 27,000 mark, amid Seplat lossesAdemola Yakubu - July 18, 2019
Lagos – The All-Share Index of the Nigerian Stock Exchange (NSE) on Thursday reached all time low of 27,864.49 due…
El-Rufai vs Ashiru: INEC closes defence after one witnessAdemola Yakubu - July 18, 2019
Kaduna – The Independent National Electoral Commission (INEC) on Thursday in Kaduna, presented one witness and closed its case in…