By Adedapo Adesanya
Ahead of the weekly resumption of forex sales to operators at the Bureaux De Change (BDC) segment, the value of the Naira against the Dollar has continued to grow stronger, checks by Business Post on Friday indicated.
According to data from the Association of Bureaux De Change Operators of Nigeria (ABCON), in the nation’s capital, Abuja, the Naira gained N14 on the Dollar to close at N432/$1 compared to N446/$1 it was sold at the previous session.
Equally, on the Pound, the local currency gained N56 to N554/£1 from 610/£1 and on the Euro, the domestic currency gained N31 to close at N505/€1 versus N536/€1.
However, at the Lagos market, the domestic currency depreciated by N2.50 against the Dollar to sell for N441.50/$1 in contrast to N439/$1 of the previous session, while it depreciated by N2 against the Pound to close at N582/£1 in contrast to N580/£1 at the prior day and remained flat on the Euro at N495/€1.
In Port Harcourt, the local currency made a N2 loss against the greenback to trade at N438/$1 in contrast to Thursday’s N436/$1. It, however, gained N22 on the Pound to close at N568/£1 as against N590/£1 of the last session but lost N8 on the Euro to N508/€1 from N500/€1.
At the Kano BDC market, the value of the local currency against the Dollar, Pound and Euro still remained unchanged at N463/$1, N610/£1 and N540/€1 respectively.
At the black market segment, the Nigerian Naira traded flat against the Dollar and Pound yesterday at N440/$1 and N570/£1 respectively and depreciated by N11 against the Euro to quote at N506/€1 versus N495/€1.
Business Post reports that the exchange rate of the Naira/Dollar at the Investors and Exporters (I&E) market tilted in favour of the domestic currency on Friday by 12 Kobo, closing at N386.13/$1 versus the previous day’s N386.25/$1.
During the session, it was observed that there was a fall in the demand for the forex by 3.3 per cent or $3.03 million to $89.15 million from the previous session’s $92.18 million.
At the interbank window of the market, the official exchange rate of the Naira/Dollar remained fixed at N379/$1 on Friday.
Dipo Olowookere