Naira Gains N3 to Sell for N477/$1 at Black Market

By Adedapo Adesanya

The Naira appreciated by N3 against the American Dollar at the black market of the foreign exchange (forex) market on Wednesday, August 19, a day after crashing to N480/$1, closing at N477/$1.

At the same segment, the local currency also gained by N2 against the Pound Sterling to close at N608/£1 versus N610/€1 it previously traded, while it ended flat against the Euro to close at N550/€1.

However, at the Investors and Exporters (I&E) segment of the market on Wednesday, the domestic currency depreciated by 0.01 per cent or 2 kobo to close at N386/$1 in contrast to N385.98/$1 it was traded on Tuesday.

This happened as the daily turnover of the session astronomically increased by 1,312.6 per cent or $208.85 million to $227.29 million from the $18.44 million exchanged at the previous session.

Yesterday, at the interbank segment of the market, the Central Bank of Nigeria (CBN) auctioned the Dollar to commercial banks at N381, the same rate it was traded a day earlier.

At the Bureaux De Change (BDC) segment of the forex market, data from the Association of the Bureaux De Change Operators of Nigeria (ABCON) showed that the Naira made a 50 kobo gain on the Dollar in Lagos to close at N475/$1 versus N475.50/$1 it recorded previously.

Against the Pound, the domestic currency closed flat at N610/£1, while against the Euro, it depreciated by N2 to finish at N552/€ as against N550/€1 it was sold previously.

In Port Harcourt, the local currency lost N1 against the US Dollar to N475/$1 from N474/$1 and lost N7 against the Pound to close at N610/£1 versus N603/£1 while on the Euro, it lost N4 to trade at N550/€1 in contrast to the previous N546/€1.

At the Abuja BDC market, the Naira appreciated by 50 Kobo to sell for N474/$1 as against N474.50/$1. It, however, traded flat against the Pound and Euro at N610/£1 and N550/€1 respectively.

In Kano, the value of the Naira against the three major foreign currencies; Dollar, Pound and Euro, remained unchanged at N475/$1, N595/£1 and N548/€1 respectively.