I&E: Naira Loses N1.40 Against Dollar to Sell at N385.40/$

By Adedapo Adesanya

The sum of N1.40 was lost by the Nigerian Naira against the United States Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Tuesday, May 5, 2020.

Business Post reports that the domestic currency, which was traded at the market segment on Monday at N384/$1, was transacted at N385.40/$1 yesterday as a result of the 0.36 percent loss.

The depreciation suffered by the local currency came despite an ease in the pressure on the Naira at the session on Tuesday.

The demand for the greenback, according to data from the FMDQ, further declined yesterday with lesser transactions recorded at the investors segment.

Trades valued at $18.58 million were recorded during the session in contrast to the $28.23 million achieved on Monday, indicating a decrease by 34 percent or $9.65 million.

At the Bureaux De Change (BDC) segment of the market on Tuesday, the value of the Naira against the Dollar was strengthened by N15, closing at N435/$1 compared with N450/$1 it traded previously.

In addition, the domestic currency gained N4 on the Pound to close at N526/£1 compared with N530/£1 it was exchanged previously, while against the Euro, the domestic currency gained N19 to close at N462/€1 in contrast to N481/€1.

In Abuja, the local currency exchange rate against the Dollar closed flat at N457/$1. It was a similar situation against the Pound and the Euro, which ended at N498/£1 and N440/€1 respectively.

At the Port Harcourt BDC market, the Naira closed flat against the American currency at N457/$1 and against the British currency, the rate remained unchanged at N508/£1, while against the Euro, it also closed flat at N460/€1.

In Kano, the Naira also closed flat against the Dollar, Pound Sterling and the Euro on Tuesday at N459/$1, N498/£1 and N440/€1.

At the interbank segment of the forex market, the local currency traded flat against the United States Dollar at N361/$1.

At the parallel market, the Naira traded flat against the American currency at N430/$1 and against the Pound, it also remained unchanged at N525/£1, same way it closed flat against the Euro at N435/€1.