Naira Appreciates to N362.51/$1 at Investors Window

By Adedapo Adesanya 

The Naira appreciated against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange market on Thursday January 23, 2020.

According to data gathered by Business Post from the FMDQ, the local currency gained 37 Kobo equivalent to 0.10 percent against the American currency at the I&E segment of the market to close at N362.51/$1 after depreciating to N362.88/$1 on Wednesday (January 22).

At Thursday’s session, investors exchanged a total of $112.48 million, higher than the previous session’s market turnover of $70.17 million, representing a 60 percent rise in FX demand.

At the Bureaux De Change (BDCs) segment in Lagos, the Naira dropped 50 kobo to close at N359.50 to a dollar compared to N358/$1 that it traded previously on Wednesday. The domestic currency appreciated by N4 against the pound to close at N476/£1 from N480/£1 and gained N3 on the Euro to close at N397/€1 compared to the midweek session’s rate of N400/€1.

At the Port Harcourt BDC market, the local currency gained against the US Dollar and Pound, but closed flat against the Euro. The domestic legal tender gained N1 to close at N359.50/$1 from N360.50/$1 while it gained a whopping N7 against the pound to close at N474 per pound compared with N481/£1 traded at the previous session. The Naira/Euro rate closed at N400/€1 like it did at the PH market on Wednesday.

In Abuja, the local currency exchange rate gained 70 Kobo against the greenback to trade at N359.30/$1 after closing at N360/$1 on Wednesday while the Naira also saw a N3.50 gain against the Pound to close at N476.50/£1 compared with N480 previously traded and kept up the stride as the local currency appreciated by N1 against Euro to N399/£1 from N400/£1 recorded previously.

Meanwhile, at the Kano market, the Naira gained 50 kobo close at N359.50 against the greenback from N360/$1 recorded previously. It recorded a N2 gain on the pound sterling to close at N475/against N477/£1 exchanged on Wednesday and the Naira remained flat against Euro as it retained the rate of N400/€1.

At the parallel market, the domestic legal tender remained non-moving against the US Dollar to close at N362 per Dollar, while it also closed flat against the British Pound Sterling at N478/£1. However, the Naira dropped N2 against the Euro as it ended the session at N400/€1 from Wednesday’s rate of N398/€1.

For the local currency on the Central Bank of Nigeria (CBN) official window also known as the Interbank segment, it closed at N306.95/$1 indicating no change from the preceding session’s rate.