Naira Stable at Investors Window Amid 0.5% Rise in FX Demand

By Adedapo Adesanya

The value of the Naira against the Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market on Wednesday, October 7 was stable at N386/$1.

The marginal rise in the demand for forex could not move the local currency during the session, according to data obtained by Business Post from the FMDQ Securities Exchange, which tracks transactions at the market window.

Yesterday, trades worth $58.52 million were executed at the I&E segment compared with the previous session’s $58.24 million, indicating an increase of $280,000 or 0.5 per cent.

As for the performance of the domestic currency against the greenback at the parallel market on Wednesday, it was flat N458/$1 and this was extended to the Pound Sterling and the Euro at the same parallel market, closing flat at N597/£ and N540/€1 respectively.

Meanwhile, at the interbank segment of the market yesterday, the Nigerian Naira appreciated against the United States Dollar by N1 to trade at N379/$1 in contrast to N380/$1 it was sold the previous day.

At the Bureaux De Change (BDC) market segment, the Naira depreciated by N2 against the Dollar in Lagos to sell for N457/$1 compared with N455/$ it traded on Tuesday but gained N2 against the Pound to N593/£ and traded flat against the Euro at N538/€1.

In Abuja, the local currency appreciated by N7 against the greenback to close at N457/$1 versus N464/$1 it last traded and closed flat against the Pound at N596/£ but appreciated by N10 against the Euro to N530/€1 in contrast to N540/€1.

At the Port Harcourt BDC market, the domestic currency appreciated by 50 kobo against the Dollar to N456.50/$1 from N457/$1 and closed flat against the Pound and Euro at N593/£1 and N538/€1 respectively.

In Kano, the Nigerian currency appreciated against the American currency by N2 to trade at N457/$1 versus N459/$1 of the previous session but depreciated against the Pound by N5 to N595/£1 versus N590/£1 and gained N11 against the Euro to quote at N534/€1 in contrast to N545/€1 it traded previously.