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Naira Appreciates to N361 at Parallel Market



By Adedapo Adesanya 

The Naira appreciated against the United States Dollar across major locations on Friday where the Bureaux De Change (BDC) operators trade foreign currencies.

According to data sourced by Business Post, at the Lagos BDC market, the Naira gained N1.50k against the greenback to close at N358/$1 compared with N359.50/$1 it traded on Thursday. However, the domestic currency depreciated by N2 against the pound to close at N478/£1 from N476/£1 and dropped N3 on the Euro to close at N400/€1 compared to Thursday ending session’s rate of N397/€1.

At the Port Harcourt BDC market, the Nigerian currency was fortified against the Dollar and the Euro, while it depreciated against the British Pound Sterling at the market.

The local currency gained N1 against the American currency to close at N358.50/$1 from N359.50/$1 and also appreciated by N1 against the Euro as it closed the week at N399/€1 compared with N400 per Euro of the previous session. However, it went down by N6 against the British currency to close at N480 per pound in contrast to N474/£1 it traded at the previous session.

In Abuja, the local currency gained N1.10k against the greenback at the BDC segment to trade at N358.20/$1 after closing at N359.30/$1 previously, while against the pound, the Naira saw a N1.50 fall to close at N478/£1 compared to N476.50 previously traded and closed flat against the Euro at N399/£1 from same rate recorded previously on Thursday.

Meanwhile in Kano, the Naira gained N1 to close at N358.50 per dollar against N359.50/$1 it printed previously. Against the Pound Sterling, the Naira gained N4 to close at N471/£1 against N475/£1 it exchanged on Thursday, while it remained flat against Euro at N400/€1.

Meanwhile, the local currency depreciated by 37 Kobo equivalent to 0.07 percent against the greenback at the Investors and Exporters (I&E) segment of the market as it closed at N362.75 from N362.51/$1 on Thursday.

As the week’s session came to an end, the total turnover exchanged at the I&E window on Friday totalled $83.77 million, lower than the $112.48 million recorded on Thursday, indicating a decline by 26 percent.

At the parallel market segment, the domestic currency gained N1 against the US Dollar to close at N361 per Dollar from N362 that it traded since the new year, while it also closed flat against the British Pound Sterling and Euro at N478/£1 and N400/€1 respectively.

The Naira however closed the week flat at N306.95/$1 at the Interbank segment.

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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