Adedapo Adesanya
By Adedapo Adesanya
Investors purchased the Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Friday for N386, the same rate it was exchanged the previous, indicating that the Naira remained stable in the session.
Business Post observed that the stability was recorded as the Central Bank of Nigeria (CBN) ensured that there was forex liquidity at the market segment yesterday to meet the demands of the customers, being a weekend.
At the trading session, investors demanded more Dollars than the previous session as transactions worth $59.64 million were carried out compared with Thursday’s $30.31 million, indicating an increase by $29.33 million or 96.8 per cent.
A look at another segment of the market, the Bureaux De Change (BDC), the Naira depreciated by N1 in Lagos against the greenback to closes at N475/$1 versus the previous rate of N474/$1.
Against the Pound, the Naira lost N2 to close at N613/£1 compared with N611/£1 and also dropped N5.50 against the Euro to close at N552/€1 as against the N546.50/€1 recorded on Thursday.
At the Abuja market, the domestic currency remained unchanged against the US Dollar at N475/$1 and on the Pound, it gained N1 to sell at N613/£1 in contrast to N614/£1 of the previous day and closed flat against the Euro at N565/€1.
In Port Harcourt, the Naira/Dollar exchange rate remained at N475/$1 but appreciated by N4 against the Pound to trade at N607/£1 in contrast to the preceding session’s rate of N611/£1 while on the Euro, it gained N7 to trade at N545/€1 versus N551/€1.
The local currency closed flat against the Dollar, Pound and Euro at the Kano BDC market on Friday at N475/$, N595/£1 and N548/€1 respectively.
At the interbank market, the local currency further maintained its stability against its American counterpart at N381/$1 and at the black market, it traded flat on Friday at N477/$1.
However, at the same parallel market, the Naira lost N1 on the Pound Sterling to close at N613/£1 compared with the previous rate of N611/£1 and lost N4 on the Euro to N552/€1 from N548/€1.
