Naira Appreciates 0.04% to N386.94/$1 at I&E

June 11, 2020
devalue naira
Image Credit: Jean Chung/Bloomberg

By Adedapo Adesanya

The Naira appreciated by 14 kobo or 0.04 percent at the Investors and Exporters (I&E) window of the foreign exchange (forex) market on Wednesday, June 10.

The domestic currency, which was previously sold at N387.08/$1 at the market window, was traded yesterday at N386.94/$1.

The strengthening of the Nigerian currency happened despite the pressure on it yesterday as a result of an increased demand for forex from customers.

During the midweek trading session, transactions valued at $62.28 million were recorded at the investors’ segment compared with the $31.81 million achieved on Tuesday, indicating a 96 percent or $30.47 million rise.

However, at the black market yesterday, the Naira dropped N2 against the dollar to sell at N450/$1 compared to 448/$1 it sold previously.

Likewise, against the pound, the Naira fell by N3 to close at N548/£1 versus N545/£1 of the previous session and on the Euro, the Naira lost N5 to close at N485/€1 in contrast to N480/€1 it traded on Tuesday.

At the Bureaux De Change (BDC) segment, the Nigerian currency traded flat against the greenback in Lagos at N448/$1. Also, against the Pound, it retained the previous rate of N550/£1, but gained N2 against the Euro to quote at N478/€1 compared to N480/€1 it traded previously.

At the Abuja BDCs market, the Naira gained N1 against the Dollar at N447/$1 compared to N448/$1 and against the Pound Sterling and the Euro it traded flat at N540/£1 and N480/€1 respectively.

At the Port Harcourt BDC market, the Naira closed flat against the Dollar at N446/$1. It also remained unchanged against the Pound and the Euro at N540/£1 and N487/€1 respectively.

It was a similar situation in Kano, where the local currency retained its previous rates against the Dollar, Pound and Euro at N446/$1, N540/£1, and N480/€1 respectively.

A look at the interbank segment of the forex market showed that the Naira/Dollar exchange rate remained at N361/$1 at the close of business on Wednesday.

Adedapo Adesanya

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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