Adedapo Adesanya
By Adedapo Adesanya
The value of the Naira to the Dollar at the official exchange rate window of the Central Bank of Nigeria (CBN) also known as the interbank segment depreciated on Wednesday, February 19, 2020.
According to data sourced by Business Post on the FMDQ platform, the Naira, which has traded flat at N306.95/$1 since last week, fell yesterday 5 kobo or 0.02 percent against the American dollar to close at N307/$1.
However, it was a different case with the local currency against the greenback at the Investors and Exporters (I&E) segment of the market during the session as it marginally appreciated by 4 Kobo equivalent to 0.01 percent to N364.91/$1 from N364.95/$1 on Tuesday.
As close of transactions at the investors’ window, the total turnover reclined by 47 percent or $206.69 million to $204.71 million from the previous session’s $411.40 million.
Meanwhile, at the Bureaux De Change (BDCs) segment of the forex market, operators in Lagos traded the Naira at N358.30/$1 at the midweek session, the same rate it was the previous day. However, the domestic currency depreciated by N1 against the pound to close at N473/£1 compared with N472/£1 it was sold on Tuesday and also fell by N1 against the Euro to N392/€1 from N391/€1.
According to data from Association of Bureaux De Change Operators of Nigeria (ABCON), the local currency lost 80 kobo against the greenback at the Abuja BDC market, trading at N359/$1 in contrast to N358.20/$1 it previously traded. Also, the Nigerian currency depreciated by N2 against the British Pound Sterling to sell at N475/£1 compared with N473/£1 recorded at the last session. It also declined by N1 against the Euro to close at N395/€1 versus N394/€1 it previously recorded.
At the Port Harcourt BDC market, the local currency dropped 50 kobo against the US Dollar to close at N358/$1 against N357.50/$1 on Tuesday and remained unchanged against the pound and the Euro to close at N475/£1 and N397/€1 respectively.
At the Kano market, the Naira ended the session against the Dollar, Pound Sterling and the Euro at the same rate it went for on Tuesday; N358/$1; N472/£1 and N395/€1 respectively.
At the parallel market segment, the domestic currency retained the same exchange rate of N360/$1. It also remained unchanged against the British Pound Sterling at N473/£1. However, it recorded a different outcome against the Euro, appreciating by N2 to close the midweek session at N392/€1 versus N394/€1 it recorded on Tuesday.
