Naira Appreciates Further to N383/$1 at I&E
By Adedapo Adesanya
The Naira further appreciated against the Dollar on Wednesday, April 22 at the Investors and Exporters (I&E) segment of the foreign exchange market.
At the session, the local currency gained N2 on the greenback to sell at N383.00/$1 in contrast to N385/$1 it traded on Tuesday.
This appreciated witnessed by the domestic currency was despite an increase in the demand for the forex at the market yesterday as the transaction value rose by 74.4 percent or $22.7 million to $53.21 million from $30.51 million.
However, at the black market, the Naira depreciated further by N5 against the dollar to close at N425/$1 compared with N420/$1 of the previous day.
At the same market segment, the local currency closed flat against the Pound at N495/£1, but lost N5 against the Euro to close at N435/£1 versus N430/£1 of the previous session.
At the interbank market, the Central Bank of Nigeria (CBN) exchanged the Naira to the Dollar on Wednesday at N361/$1.
Also, at the Bureaux De Change (BDC) window of the market, traders in Lagos exchanged the Dollar yesterday at the same rate it was sold on Tuesday, N421/$1. The Naira also traded against the British Pound and the Euro at N490/£1 and N430/€1 respectvely.
In Abuja, the Naira closed the day’s session at N415/$1, the same rate it was sold the previous session. The local currency also closed flat against the Pound and the Euro at N490/€1 and N440/€1 respectively.
At the Port Harcourt BDC market, the Naira closed flat against the Dollar at N412/$1. It further remained unchanged against the Pound at N495/£1 and traded flat against the Euro at N437/€1.
In Kano, the local currency was exchanged against the United States currency at N415/$1, the same rate of the previous session. It further traded flat against the Pound yesterday at N490/£1 and remained unchanged against the Euro at N440/€1.