Adedapo Adesanya
By Adedapo Adesanya
The value of the local currency to its American counterpart hovered around N358/$1 at the various locations of the Bureaux De Change (BDCs) segment of the foreign exchange market on Monday, February 17, 2020.
For example in Lagos, the Naira depreciated against the dollar by 20 kobo to close at N358.20/$1 in contrast to N358/$1 it traded last Friday, while it appreciated by N3 against the Pound to close at N472/£1 from N475/£1 and gained N1 against the Euro to trade at N393/€1 compared with its previous N394/€1.
At the Kano BDC market, the Nigerian Naira remained unchanged against the Dollar N358/$1, same way it traded flat against the Pound and the Euro during the session at N472/£1 and N395/€1 respectively.
In the capital city of Abuja, the domestic currency depreciated by 20 kobo against the greenback to trade at N358.20/$1 in contrast to N358/$1 it was transacted at the previous session.
However, it gained N1 on the Pound to sell at N473/£1 compared with N474/£1 it recorded at the preceding session, while it depreciated against the Euro by 50 kobo to sell at N394.50/€1 in contrast to N394/€1 it traded last Friday.
In Port Harcourt, BDC operators traded the Naira at N358/$1 yesterday, the same rate it was at the previous session. In the same vein, the value of the Euro and the Pound Sterling to the local currency remained stable at N397/€1 and N475/£1 respectively.
At the Investors and Exporters (I&E) segment, the local currency saw a 0.05 percent or 19 kobo drop against the greenback, selling at N364.95/$1 against N364.76/$1 it went for the previous trading day.
At the same market segment, the value of transactions went down by 82 percent or $231.49 million to $50.84 million from $282.33 million exchanged at the previous session.
At the interbank segment of the foreign exchange market, the Naira maintained stability at N306.95/$1, while at the parallel market, he domestic currency stayed at N360/$1.
It also remained unchanged at N394/€1, while it depreciated against the British currency by N1 to sell at N474/£1 compared with N473/£1 it went for at the previous session.
