Adedapo Adesanya
By Adedapo Adesanya
There was stability at the foreign exchange market in Nigeria on Wednesday as the exchange rate of the Naira to the Dollar mostly remained unchanged at the different segments.
The global situation caused by the covid-19 pandemic has made the local currency enjoy a bit of stability as the usual pressure on it has now eased.
At the Investors and Exporters (I&E) segment, the local currency was exchanged against the Dollar at N384.83/$1, the same rate it traded at the previous session.
However, the market segment recorded another hike in the transaction volume as trades worth $76.18 million were executed at the midweek trading day. This was 151 percent higher than the $30.28 million achieved on Tuesday.
This increase may have been caused by preparations for the Easter holidays this weekend by Christians across the globe. Though the virus pandemic has made celebrations to be on a low key, some states in the country have relaxed restrictions earlier placed on movements to allow Christians observe the celebration to mark the death and resurrection of Jesus Christ.
At the interbank segment of the market, the Central Bank of Nigeria (CBN) sold the Dollar to authorised traders at N361/$1, the same rate of the previous day.
At the Bureaux De Change (BDC) segment of the market, the Dollar was exchanged at N414/$1 in Lagos, the same rate it was sold on Tuesday. And against the Pound Sterling and the Euro, the exchange rate was flat at N500/£1 and N440/€1 respectively.
According to data obtained by Business Post from the Association of Bureau De Change Operators of Nigeria (ABCON), its members at the Port Harcourt BDC market sold the American currency at N410/$1, the rate of the previous day. The Pound and Euro also maintained their previous rates of N500/£1 and N419/€1 respectively.
A look at the performance of the Naira at the parallel market on Wednesday showed that the domestic currency traded flat against the US Dollar at N415/$1. It also remained unchanged against the British Pound at N500/£1, but lost N5 on the Euro to sell at N425/€1 in contrast to N420/€1 it traded on Tuesday.
