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