Dollar Sales at I&E Window Rise as Offices Resume Monday

By Adedapo Adesanya

The Naira depreciated by 20 kobo against the Dollar at the Investors and Exporters (I&E) segment of the foreign exchange on Wednesday, April 29.

The local currency was traded at N386.45/$1 at the investors segment yesterday in contrast to N386.25/$1 it was sold on Tuesday.

The fall recorded by the domestic currency came despite the Central Bank of Nigeria (CBN) announcing the resumption of sales of Dollar for businesses and school fees.

Mr Isaac Okoroafor, the CBN Director for Corporate Communications, on Wednesday disclosed that the apex bank was resuming sales of foreign currency to small and medium scales enterprises (SMEs), school fees payment, and also to the Bureau De Change (BDCs) segment which it suspended in March.

At the I&E window yesterday, there was a higher demand for the greenback as businesses in Lagos, Ogun States and Abuja prepare to open next week after a lockdown for five weeks.

Data obtained by Business Post from FMDQ showed that transactions valued at $13.52 million were recorded on Wednesday, compared with $11.34 million recorded on Tuesday, indicating a 19 percent or $2.18 million increase.

At the Bureaux De Change (BDCs) segment of the forex market, the Naira depreciated by N4 against the Dollar in Lagos to sell at N461/$1 compared with N457/$1 it traded previously. The local currency depreciated by N12 against the British Pound to close at N520/£1 compared with N508/£1 it traded on Tuesday while against the Euro, it lost N10 to end the day at N470/€1 from N460/€1.

In the capital city of Abuja, the local currency traded flat against the greenback at N457/$1 and against the Pound, it close flat at N498/£1 and against the Euro, it closed the session at N440/€1, it traded flat.

At the Kano BDC market on Wednesday, the Naira traded flat against the Dollar at N459/$1. It further closed flat against the Pound and the Euro at N498/£1 and N440/€1 respectively.

At the Port Harcourt BDC market, the domestic currency closed flat against the US Dollar, Pound and the Euro at N457/$1, N508/£1 and N460/€1 respectively.

At the parallel market, the domestic currency closed flat against the US Dollar and the Pound at N460/$1 and N520/£1 respectively. However, it fell by N15 against the Euro at the midweek session to sell at N465/€1 as against the previous rate, N450/€1.

At the interbank segment of the market, the Nigerian Naira remained unchanged against the United States currency at N361/$1.