Naira Trades Mixed at Forex Market Segments Tuesday 

By Adedapo Adesanya

The Naira recorded various outcomes across the different segments of the foreign exchange market on Tuesday, January 21, 2020.

The local currency appreciated at the Investors and Exporters (I&E) segment of the market on Tuesday after it depreciated on Monday to N362.38/$1. At the close of transactions yesterday, the Nigerian legal tender gained 18 kobo or 0.05 percent against the United States Dollar to trade at N362.20/$1.

The strengthening of the domestic currency against its American counterpart came as the value of transactions increased. Data from FMDQ showed that a total of $181.99 million were recorded at the I&E window at Tuesday’s session, higher than the previous session’s $154.85 million, an 18 percent or $27.14 million increase.

At the Bureaux De Change (BDCs) segment in the nation’s commercial city of Lagos, the Naira gained N1 to close at N360 to a dollar compared with N361 per dollar that it traded previously on Monday. Following the same pattern, the local currency gained N2 against the Euro also in Lagos yesterday as it closed at N398/€1 compared to N400 it traded on the first trading day of the week. However, the Naira saw no movement against the British pound as it ended at N479/£1.

At the Abuja market, BDC traders sold the local currency at N362 per dollar, in contrast to N361/$1 it went for on Monday, indicating a decline of N1 against the greenback. Also at the same market, the local legal tender dropped by N3.50 against the pound as it closed at N481 against the Pound from N477 recorded previously, while against the Euro, there was no change as it ended Tuesday’s session at N400/€1.

There were changes to the exchange rates at the Port Harcourt BDC market at the Tuesday’s trading session. The local currency flat against the US Dollar and the Euro at N360.50/$1 and N400/€1 respectively. However, the Naira gained N2 against the pound, closing at N479/£1 from N481 recorded previously.

The Kano market saw no changes to exchange rates as the Naira closed flat at N360 against the greenback. It also remained unchanged against both the pound and the Euro at N475/£1 and 400/€1 respectively.

At the parallel market, the domestic currency remained non-moving against the US Dollar to close at N362 per Dollar.

Meanwhile, it dropped N2 against the British Pound Sterling to close at N479/£1 from N477/£1 while against the Euro, the Naira ended Tuesday’s session flat at N400/€1.

At the Central Bank of Nigeria (CBN)’s interbank segment, the local currency traded flat at 306.95/$1.