Naira Weakens at I&E Amid 87% Decline in Forex Turnover

By Adedapo Adesanya

The Naira depreciated by 0.21 percent or 63 kobo against the United States Dollar at the Investors and Exporters (I&E) window of the foreign exchange (forex) market on Monday, June 8, closing at N387.33/$1 in contrast to N386.70/$1 of the previous session.

This happened despite a decline in the daily forex turnover at the market segment. At the session, transactions valued at $14.66 million were executed in contrast to the $112.89 million exchanged at the previous session. This indicated a drop by 87 percent or $98.23 million.

At the Bureaux De Change (BDC) segment yesterday, the Nigerian currency dropped N1 against the American currency in Lagos to sell at N448/$1 compared with N447/$1 it traded last Friday.

Against the Euro, the Naira made a N3 gain to trade at N467/€1 compared to N470/€1 it traded previously and against the Pound, it retain the previous rate of N550/£1.

At the Port Harcourt market, the Naira lost 50 kobo against the Dollar at N446.50/$1 compared to N446/$1, while against the Pound Sterling, it gained N10 to close at N540/£1 versus N550/£1 and lost N10 on the Euro to sell at N476/€1 versus N466/€1.

At the Abuja BDC market, the Naira closed weaker against the Dollar at N448/$1 in contrast to N447/$1 it previously traded. It gained N7 on the pound to close at N540/£1 compared with N547/£1 and lost N4 against Euro to close at N480/€1 versus N476/€1.

In Kano, the local currency gained N1 against the Dollar to quote at N446/$1 compared to N447/$1, while against the Pound Sterling, it gained N7 to close at N540/£1 in contrast to N547/£1 and lost N10 on the Euro to wrap the session at N480/€1 against  N470/€1.

The Naira, at the black market segment, traded flat against the greenback to sell at N450/$1. It also remained unchanged against the pound at N550/£1, but lost N1 on the Euro to close at N473/€1 versus the previous rate of N472/€1.

At the interbank window, the Central Bank of Nigeria (CBN) sold the Dollar at N361/$1 to commercial banks in the country, the same rate if was sold last Friday.