Exchange Rates Stable at Major FX Windows
By Adedapo Adesanya
The Naira closed flat against the United States Dollar at most of the segments of the foreign exchange market on Friday, April 3, 2020.
Business Post gathered from the Association of Bureaux De Change Operators of Nigeria (ABCON) that the Naira only depreciated against the greenback, Pound Sterling and the Euro at the Port Harcourt BDC market.
The local currency lost N1 at the location against the Dollar to sell at N410/$1 compared with N409/$1 of the previous session. The Nigerian currency depreciated by N5 against both the Pound and the Euro to close at N500/€1 and N419/€1 respectively in contrast to N495/£1 and N414/€1 they were sold on Thursday.
But in Abuja, the Naira close flat against the American currency at N412/$1. It also retained its previous exchange rate against the pound at N499/£1 as well as against the Euro at N418/€1.
In Lagos, the local currency was exchanged with the Dollar at its previous rate of N414/$1 just as it remained unchanged against the Pound at N500/£1 and against the Euro at N420/£1.
At the Kano BDC market, it was a similar scenario as the Naira traded flat against the Dollar at N415/$1, the Pound at N490/£1 and the Euro at N440/€1.
During yesterday’s trading session, the Naira traded flat against the Dollar at the black market at N415/$1. It also traded flat against the British currency at N500/£1 and remained unchanged against the Euro at N420/€1.
Also, the official exchange rate of the Naira to the Dollar at the Central Bank of Nigeria (CBN) window remained flat at the close of transactions yesterday at N361/$1.
At the Investors and Exporters (I&E) window on Friday, the Naira retained its previous exchange rate against the greenback at N383.00/$1.
However, there was a higher transaction volume during the session as market participants at the segment traded forex worth $74.51 million compared with $10.45 million exchanged at the previous session. This indicated a 613 percent or $64.06 million increase in transaction volume.