Adedapo Adesanya
By Adedapo Adesanya
The week opened on a positive note for the Naira at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Monday.
The local currency appreciated against the Dollar at the market segment by 22 kobo or 0.06 per cent to close at N385.78/$1 compared with the previous rate of N386/$1.
This was spurred by the lower demand for the Dollar at the market during the session as reflected in the day’s turnover.
At the session, trades valued at $20.27 million were executed as against the previous $21.09 million, indicating a decline of 3.9 per cent or $820,000.
However, at the Bureaux de Change (BDC) window of the forex market in Abuja, Business Post reports that the Nigerian currency depreciated by N1 against the Dollar to close at N475/$1 versus N474/$1 of the previous session.
It gained N2 against the Pound to close at N605/£1 versus the previous rate of N607/£1 and also gained N8 on the Euro to sell at N550/€1 versus N558/€1.
At the Port Harcourt market, the domestic currency lost 50 kobo against the greenback to trade at N474.50/$1 in contrast to N474/$1 and against the Pound, it fell by N1 to sell at N603/£1 compared to the previous rate of N602/£1 while against the Euro, it depreciated N4 to trade at N550/€1 versus N546/€1.
Meanwhile, at the Lagos BDC market, the Naira close flat against the Dollar at N475/$1 but lost N1 against the Pound to close N608/£1 versus N607/£1 and appreciated on the Euro by N2 to N545/€1 from N547/€1.
In Kano, the Naira/Dollar exchange rate closed flat at N475/$1 and also flat against the Pound and the Euro at N595/£1 and N548/€1 respectively.
Meanwhile, the Naira/Dollar exchange rate still remained stable at N381/$1 at the interbank segment of the forex market.
At the black market, the local currency traded flat against the greenback at N475/$1. It was a similar scenario against the Pound and the Euro at N605/£1 and N550/€1 respectively.
