Adedapo Adesanya
By Adedapo Adesanya
The Naira appreciated against the US dollar at the parallel market on Tuesday, June 9 as black market operators sold the American currency at N448.
At the segment of the foreign exchange (forex) market on Monday, the traders had exchanged the Dollar at N450, indicating an appreciation of N2.
At the same market window, the domestic currency closed flat against the Pound at N545/£1, but depreciated by N7 against the Euro to close at N480/€1 in contrast to the previously traded N473/€1.
It was also a good outcome for the Naira at the Investors & Exporters (I&E) window yesterday.
According to data harvested by Business Post from the FMDQ Securities Exchange, the local currency appreciated against the US Dollar by 25 kobo or 0.06 percent to sell at N387.08/$1 versus N387.33/$1 it sold on Monday.
The appreciation came despite a significant spike in the demand for forex by customers at the market segment. Transactions valued at $31.81 million were recorded at the investors window on Tuesday compared with the $14.66 million achieved on Monday. This indicated that the transaction value increased by 117 percent or $17.15 million yesterday.
A look at the interbank window of the market showed that the Naira/Dollar exchange rate remained unchanged on Tuesday at N361/$1.
It was a similar scenario at the Bureaux De Change (BDC) segment of the market in Lagos, where the local currency traded flat against the greenback at N448/$1. It also remained unchanged against the Pound at N550/£1, but lost N13 against the Euro to quote at N480/€1 compared with the previous day’s N467/€1.
At the Port Harcourt BDC market, the Naira gained 50 kobo against the Dollar to close at N446/$1 in contrast to N446.50/$1 it traded previously. However, the local currency traded flat against the Pound at N540/£1 and lost N1 against the Euro to N478/€1 from N477/€1.
In Kano, the exchange rate of the local currency to the Dollar was flat at N446/$1. It also traded flat against the Pound and the Euro at N540/£1 and N480/€1 respectively.
In Abuja, the Naira maintained its previous rate against the United States currency at N448/$1. It also remained unchanged against the Pound and the Euro at N540/€1 and N480/€1 respectively.
