Naira Appreciates Against Dollar at Most FX Segments

By Adedapo Adesanya 

The Naira pulled a good performance against the United States Dollar at almost all segments of the foreign exchange (FX) market on Wednesday, January 8, 2020.

Business Post reports that the local currency appreciated against the greenback yesterday at the Investors and Exporters (I&E), interbank and the Bureaux De Change (BDCs) segments of the market. However, it closed flat at the parallel market during the session.

At I&E segment of the market, the local currency gained 30 Kobo equivalent to 0.08 percent against the American currency to trade at N363.81 to a dollar compared with the N364.11 per Dollar that it traded at the previous session on Tuesday.

However, the total turnover recorded at the segment for the day rose marginally by 0.02 percent or N50,000 to $265.90 million in contrast to $265.85 million transacted on Tuesday.

At the Interbank window of the market, the Naira exchange rate against the Dollar was strengthened by 5 kobo equivalent to 0.02 percent in favour of the Naira, as it closed at N306.95 per dollar, compared with N307 recorded previously. The rate had recorded no movement for over a week at the market.

At the Bureaux De Change (BDC) segment, the local currency appreciated by N1.30 to N360.7/$1 in Lagos from N362/$1 that it traded at the previous session.

In Abuja, the Naira also gained against the greenback, rising by N1 to close at N361.50 to a Dollar compared with N362.50/$1 it traded on Tuesday at the same segment.

The rate remained flat at the Port Harcourt BDCs market as it closed at N360.50 per dollar like it did on Tuesday.

However, it was a different trend in Kano as the Naira dropped by N1 to trade at N361.50/$1 against N360.50 to a dollar the previous day.

At the parallel market, the Naira/US Dollar closed flat at N362/$1 like it did at the previous sessions, while it traded unchanged against the British Pound Sterling at N475/£1 on Wednesday. In addition, the Nigerian currency’s exchange rate to a Euro remained static at N403/€1 on the black market.