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.
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