Adedapo Adesanya
By Adedapo Adesanya
The Naira appreciated against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange market on Monday, May 11.
According to data obtained from the FMDQ Securities Exchange, the local currency gained 31 kobo or 0.08 percent to sell at N386.94/$1 in contrast to N387.25/$1 it traded last Friday.
Business Post gathered that the appreciation was boosted by the low demand for forex at the market segment.
The window recorded its lowest daily transaction in several weeks as trades valued at $9.98 million were executed by investors on Monday compared with the $70.40 million recorded at the previous session. This indicated a sharp decline by $60.42 million or 86 percent.
At another segment of the forex market yesterday, the parallel market, the Naira retained its previous exchange rate against the Dollar at N445/$1.
However, the domestic currency depreciated against the Pound by N5 to trade at N535/£1 compared with N530/£1 it traded at the preceding session and also fell by N5 on the Euro to quote at N455/€1 in contrast to N495/€1 of the previous trading day.
At the interbank segment of the market, the Central Bank of Nigeria (CBN) sold the Dollar at N361/$1, the same rate of the previous session.
At the Bureaux De Change (BDC) window of the market, data harvested from the Association of Bureaux De Change Operators of Nigeria (ABCON) showed that the Naira depreciated against the Dollar by N1 in Lagos to sell at N444/$1 versus N443/$1 it previously traded. Against the Pound Sterling, the domestic currency N3 to trade at N535/£1 as against N532/£1 of the previous session, and traded flat against the Euro at N465/€1.
In Abuja, the local currency traded flat against the Dollar, Pound and the Euro on Monday to sell at N457/$1, N498/£1 and N440/€1 respectively.
It was a similar situation at the Port Harcourt BDC market as the Nigerian currency closed against the Dollar, Pound and Euro at N430/$1, N515/£1 and N450/€1 respectively.
The story did not also change at the Kano BDC market, where the local currency traded flat against the US Dollar, Pound and the Euro at N459/$1, N498/£1 and N440/€1 respectively.
