By Adedapo Adesanya
The Naira depreciated by N1 against the Dollar at the Bureau De Change (BDC) segment of the foreign exchange market in Lagos on Tuesday.
According to data obtained by Business Post from the Association of Bureau De Change Operators of Nigeria (ABCON), the local currency closed at N467/$1 as against N466/$1 it traded on Monday. However, at the same location, the domestic recorded no changes against the Pound and the Euro, closing at N569/£1 and N515/€1 respectively.
At the Abuja BDC market, the Naira dropped N2.50 against the Dollar to close at N467.50/$1 versus N465/$1, but also closed flat against the Pound and the Euro at N563/£1 and N513/€1 respectively.
In Port Harcourt, the local currency lost N1.50 against the greenback to sell at N465/$1 in contrast to N464.50/$1 it traded on Monday. Against the Pound, the local currency shed N6 to close at N568/£1 versus N562/£1 and dropped 50 kobo on the Euro to close at N513/€1 compared to N512.50/€1 recorded on Monday.
At the Kano BDC market, the Naira closed flat against the Dollar, Pound and Euro at N465/$1, N560/£1 and N507/€1 respectively.
At the interbank segment of the market, the official exchange rate of the Naira to the Dollar remained at N381/$1 on Tuesday.
also, at the Investors and Exporters (I&E) segment, the domestic currency retained its previous exchange rate against the Dollar at N386/$1.
However, there was a drop in the demand for forex at the market window yesterday by 64.4 per cent equivalent to $23.37 million. At the close of business, trades worth $12.91 million were executed by investors compared with the previous session’s $36.28 million.
At another segment of the forex market on Tuesday, the parallel market, activities remained stable as the domestic remained unchanged against the greenback at N465/$. Furthermore, the Naira traded flat against the Euro at N510/€1.
However, against the Pound, the local currency depreciated by N3 to close at N568/£1 in contrast to N565/£1 it traded on Monday.
Modupe Gbadeyanka