Naira Gains at BDC, Falls at I&E, Flat at Interbank, Black Market

By Adedapo Adesanya 

The Naira appreciated against the United States Dollar across major locations of the Bureaux De Change (BDCs) segment of the foreign exchange market on Wednesday, January 29, 2020.

According to data sourced from the Association of Bureaux De Change Operators of Nigeria (ABCON), in Lagos, the Naira gained N1.30k to close at N358/$1 compared with N359.30/$1 it traded on Tuesday. However, it depreciated by N1.50k against the pound to close at N477/£1 from N475.50/£1 and closed flat against the Euro at N395/$1.

At the Port Harcourt BDC market, trading closed with the local currency gaining 50 kobo against the US Dollar to trade at N358.50/$1 in contrast to N359/$1 of the previous day, while it remained unchanged against the pound and the Euro at N468/£1 and N398/€1 respectively.

In Abuja, the local currency gained 70 kobo against the greenback to sell at N358.30/$1, different from N359/$1 it was sold at the last session, while against the pound, the Naira saw a N1 fall to close at N477/£1 compared with N476/£1 it previously traded and gained N3 against the Euro to close at N396/€1 from N399/€1 recorded previously on Tuesday.

At the Kano BDC market, the domestic currency gained 20 kobo to close at N358.30/$1 in contrast to N358.50/$1 it printed previously, while the Naira appreciated by N1 against the Euro to close at N399/€1 from N400/€1. However, the Nigerian currency lost N3 on the pound sterling to close at N478/£1 against N475/£1 it exchanged on Tuesday

Meanwhile, the local currency depreciated further by 18 Kobo equivalent to 0.05 percent against the greenback at the Investors and Exporters (I&E) segment of the market yesterday, closing at N363.51/$1 versus N362.51/$1 it was exchanged on Tuesday.

This came amid a decline in the market turnover for the day as transactions worth $108.87 million were recorded during the session compared with Tuesday’s $586.22 million, indicating a decline by 81 percent or $477.4 million.

At the parallel market, the domestic currency dropped N1 against the US Dollar to close at N361 per Dollar from N360 to a Dollar it traded at Tuesday’s session, while it closed flat against the British Pound Sterling and Euro at N476/£1 and N398/€1 respectively.

At the interbank segment of the market, the Naira wrapped up the midweek activities the same way it was the previous day at N307 to a single American dollar.