Lagos, PH BDC Operators Trade Dollar at N464.50

By Adedapo Adesanya

Bureaux De Change (BDC) operators in Lagos and Port Harcourt sold the Dollar at N464.50 on Monday as the Naira saw no improvement despite interventions from the Central Bank of Nigeria (CBN).

According to the Association of Bureau De Change Operators of Nigeria (ABCON), in Lagos, the local currency made a 50 kobo loss on the greenback to close at N464.50/$1 versus the previous rate of N464/$1.

But it appreciated against the Pound by N7 to close at N596/£1 as against N603/£1 and gained N10 on the Euro to close at N545/€1 in contrast to the previous rate of N555/€1.

At the Port Harcourt BDC market, the domestic currency depreciated by 50 kobo against the Dollar to close at N464.50/$1 versus N464/$1 and against the Pound, it remained stable at N595/£1 but lost N1 on the Euro to end at N545/€1 compared with the last session’s N544/€1.

In Abuja, the local currency maintained stability against the American currency at N464/$1 and on the Pound and Euro, it extended the stability at N595/£1 and N535/€1 respectively.

In Kano, the local currency was stable against the US currency at N465/$1. It further traded flat against the Pound and the Euro at N600/£1 and N547/€1 respectively.

The exchange rate of the Naira/Dollar at the Investors and Exporters (I&E) window remained unchanged for five consecutive sessions at N386/$1 on Monday.

This was helped by the 18.2 per cent or $15.21 million decline in the demand of forex at the market segment to $68.14 million from the previous session’s $83.35 million.

At the interbank segment of the market, the Naira/Dollar exchange rate remained stable at N379/$1.

At the black market yesterday, the local currency traded flat against the greenback at N465/$1 but depreciated by N3 on the Pound at N603/£1 versus N600/£1 and lost N7 on the Euro to N555/€1 from N548/€1.