Adedapo Adesanya
By Adedapo Adesanya
The Naira appreciated against the US Dollar by 33 kobo or 0.08 per cent at the Investors and Exporters (I&E) segment of the foreign exchange market on Tuesday to close at N388.17/$1 in contrast to N388.50/$1 it ended the previous day.
According to data from the FMDQ Securities Exchange portal, the strengthening of the local currency was boosted by lesser pressure on the Naira during the session.
Yesterday, the value of transactions at the I&E window reduced by $8.95 million or 23.1 per cent to $29.77 million from $38.72 million recorded on Monday.
At the Bureaux De Change (BDC) segment of the forex market on Tuesday, in the city of Lagos, the domestic currency depreciated against the greenback by 50 kobo to sell at N468.50/$1 in contrast to N468/$1 recorded previously.
Against the Pound, the local currency closed flat in Lagos at N573/£1, while it lost N2 on the Euro to trade at N527/€1 compared to Monday’s closing price of N525/€1.
At the Port Harcourt BDC market, the exchange rate of the Naira and the Dollar remained unchanged at N468/$1, but against the Pound, the Naira dropped N1 to close at N574/£1 compared with Monday’s N573/£1 and lost N3 against the Euro to close at N526/€1 as against the previous day’s N523/€1.
The value of the local currency against the three comparative currencies; Dollar, Pound and Euro remained flat on Tuesday in Abuja at closed at N468/$1, N590/£1 and N555/€1 respectively.
Also, at the Kano market, the Nigerian currency closed flat against the Dollar, Pound and Euro yesterday at N468/$1, N570/£1 and N520/€1 respectively.
At another market window, the interbank segment, the value of the Naira against the United States Dollar remained intact at N381/$1 on Tuesday.
Meanwhile, at the parallel market, the domestic currency closed flat against the Dollar at N472/$1. It also traded flat against the Pound at N575/£1, but lost N5 against the Euro to quote at N530/€1 compared with the previous day’s value of N525/£1.
