Dollar Nears N400/$1 at I&E, Trades N415/$1 at Black Market

Naira to Dollar Exchange rate

By Adedapo Adesanya

The Naira depreciated against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange market on Monday as two major cities of the country prepare for total lockdown.

Business Post reports that at the I&E window yesterday, the local currency depreciated against the greenback by N10.68 or 2.80 percent to sell at N392.18/$1 compared with last Friday’s rate, N381.50/$1.

This came despite the decline in the total value of trades recorded at the forex segment on Monday. According to data from the FMDQ, transactions worth $34.38 million were carried out during the session, 0.15 percent lower than $34.43 million achieved last Friday.

A look at the parallel market showed that the Naira dropped N5 against the Dollar yesterday, trading at N415/$1 compared with N410/$1 it traded at the last session.

On the Euro, the Naira lost N3 on Monday to close at N420/€1 in contrast to the previous N417/€1, while against the Pound, the domestic currency traded at N490/£1 at the black market.

At the Bureaux De Change (BDC) segment of the market on Monday, the Nigerian currency, according to the Association of Bureau De Change Operators of Nigeria (ABCON), depreciated by N11 against its American counterpart in Lagos to sell at N413/$1 compared with N402/$1 it previously traded. Against the Pound Sterling, the local currency lost N8 to sell at N500/£1 as against N492/£1 of the previous session and weakened by N4 against the Euro to N420/€1 from N415/€1.

In Abuja, the local currency depreciated by N6 against the Dollar to sell at N407/$1 compared with N397/$1 it last traded. Against the Pound, the Naira lost N5 to trade at N480/£1 as against N475/£1 last Friday, while against the Euro, the domestic currency fell by N4 to quote at N417/€1 in contrast to N413/€1 of the previous session.

At the Port Harcourt BDC market, the Dollar was sold at N403/$1 on Monday compared with N395/$1, indicating a depreciation of N8. Against the Pound, the domestic currency lost N17 to trade at N495/£1 in contrast to the previous N478/£1, while it appreciated by N1 to N414/€1 from N415/€1 at the last session.

In Kano, the Naira was weakened by N8 against the American currency to quote at 405/$1 compared with N397/$1 it was sold last Friday. The local currency traded flat against the Pound at N480/£1 and remained unchanged against the Euro at N417/€1.

At the interbank segment of the forex market, the Naira closed flat against the Dollar at N361/$1.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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