Local Currency Weakens to N605 Per Pound at Black Market

Naira against pound sterling
Image Credit: The Sun

By Adedapo Adesanya

The Naira continued to weaken against the Pound as evident at the black market on Tuesday, August 11 with the local currency trading at N605/£1.

This showed a N3 depreciation when compared to N602/£1 it closed on Monday.

At the same segment, the local currency gained N2 against the Euro at N548/€1 versus N550/€1 of the prior session and ended flat against the US Dollar at N475/$1.

At the Investors and Exporters (I&E) window, the domestic currency remained unchanged against the Dollar at N385.50/$1 despite a spike in the day’s transaction turnover by 705 per cent or $27.99 million to $31.96 million from the $3.97 million exchanged on Monday.

At the interbank segment, the Central Bank of Nigeria (CBN) still auctioned the local currency at N381/$1 to commercial banks.

Also, at the Bureaux De Change (BDC) segment of the forex market, the Nigerian currency remained flat against the greenback in Lagos at N473/$1 but lost N3.50 against the British Pound to finish at N605/£1 compared to N601.50/£1 it previously traded and depreciated by N5 against the Euro to N550/€1 from N545/€1.

In Port Harcourt, the local currency gained N1 against the US Dollar to trade at N472.50/$1 as against the previous N473.50/$1 and also gained N3 against the Euro to N542/€1 from N545/€1 but closed flat on the Pound at N600/£1.

The Naira/USD exchange rate at the Abuja market closed flat at N473/$1. It also ended flat against the Pound at N601/£1 and remained unchanged against the Euro at N557/€1.

In Kano, the BDC operators sold the Naira against the Dollar at N472.50/$1, the same price of the previous day. The local currency also remained flat against the Pound and Euro at N575/£1 and N540/€1 respectively.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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