By Adedapo Adesanya
The Naira dropped further by 20 kobo against the Dollar at the Bureaux De Change (BDC) segment of the foreign exchange market in Lagos on Monday.
According to data from the Association of Bureau De Change Operators of Nigeria (ABCON), yesterday, its members in Lagos sold the greenback at N458.20 compared with N458 it was sold at the previous session.
However, at the same location, the domestic currency appreciated against the Pound by N1 to sell at N566/£1 in contrast to N567/£1 of the previous day and closed flat at N500/€1 on the Euro.
At the Kano market, the Naira depreciated by N1.50 to trade at N457.50/$1 in contrast to N456/$1 it traded last Friday, while against the Pound and the Euro, the domestic currency remained flat at N540/£1 and N490/€1 respectively.
In Abuja, the exchange rate of the local currency to the US Dollar closed flat at N459/$1. It was the same scenario against the Pound and the Euro at the location, trading at N550/£1 and N490/€1 respectively.
Equally, the Naira/USD exchange rate at the Port Harcourt market remained unchanged at N457/$1, just as the local currency traded flat against the Pound at N552/£1, while it depreciated by N1 against the Euro at N495/€1 versus N494/€1 of the preceding trading day.
A look at the black market yesterday showed that the Naira maintained its stability against the greenback at N461/$1.
But at the same market segment, the local currency gained N5 against the British currency yesterday to trade at N555/£1 versus N560/£1 it previously traded and closed flat against the Euro at N502/€1.
Meanwhile, at the over-the-counter spot market used by investors and exporters for their forex conversion, Business Post gathered from the FMDQ Securities Exchange that the Naira depreciated against the Dollar by 50 kobo to sell at N386.50/$1 compared with N386/$1 it traded last Friday.
This came despite the 90.3 percent or $94.9 million decline in the demand forex at the segment on Monday as trades valued at $10.15 million were carried out during the session compared with the $105.05 million recorded last Friday.
At the interbank segment, the Naira/Dollar exchange rate closed flat at N361/$1.
Modupe Gbadeyanka