Adedapo Adesanya
By Adedapo Adesanya
The local currency continues to face pressure at the foreign exchange market and on Monday, it further depreciated against the US Dollar.
At the black market yesterday, the local currency lost N2 against the greenback to sell N472/$1 in contrast to the previous session’s rate of N470/$1.
However, it traded flat against the Pound at the parallel market at N575/£1 and shed N5 against the Euro to close at N525/€1 in contrast to N520/€1 it previously traded.
At the Bureau De Change (BDC) segment, the domestic gained N1 on the Dollar in Lagos to trade at N468/$1 compared with last Friday’s rate of N469/$1
Against the Pound, the local currency closed at N573/£1 yesterday versus its previous N576/£1, while against the Euro, it lost N2 to close at N525/€1 versus N523/€1 as at the last session.
In Port Harcourt, the local currency dropped N1.50 against the American currency to close at N468/$1 compared with the previous rate of N466.50/$1. But against the Pound, it appreciated by N1 to sell at N573/£1 versus N574/£1 and lost N1.50 against the Euro to close at N523/€1 in contrast to N521.50/€1 it traded last Friday.
At the Abuja BDC market, the domestic currency retained its exchange rate against the Dollar at N468/$1, but lost N15 on the Pound to trade at N590/£1 as against the previous session’s N575/£1, and against the Euro, the domestic currency depreciated by N18 to sell at N555/€1 versus N537/€1.
In Kano, the local currency exchange rate fell by N3 against the Dollar at N468/$1 in contrast to N465/$1 last Friday and lost N10 against the Pound to end the day at N570/£1 versus N560/£1, while on the Euro, it depreciated by N13 depreciation to close at N520/€1 versus N507/€1.
Business Post reports that at the Investors and Exporters (I&E) window of the market on Monday, the Naira/Dollar exchange rate remained flat at N388.50/$1.
During the trading session, transactions worth $38.72 million were executed by traders compared with the previous session’s $37.04 million, indicating an increase of 4.5 per cent or $1.68 million.
At the interbank window of the market, the official exchange rate of the Naira/Dollar remained at N381/$1.
