Naira Appreciates to N364.26/$ at Investors’ Window

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By Adedapo Adesanya 

The Naira further appreciated for the third straight session against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange market on Friday, February 21.

At the last two sessions on Wednesday and Thursday, the Naira had close at N364.91/$1 and N364.38/$1 respectively, and on Friday, it extended the gains by 0.03 percent or 12 kobo to trade at N364.26/$1.

During the session, the value of transactions recorded at the forex segment rose to $480.39 million from $420.91 million, representing a 14 percent or $59.48 million increase the transaction value when compared with the previous session.

At the Bureau De Change (BDCs) segment, the value of the Naira to the Dollar dropped by 40 kobo in Abuja, the nation’s capital, to N358.70/$1 from N358.30/$1, while it remained flat against the Pound and Euro at N473/£1 and N393.50/€1 respectively.

At the Lagos BDC market, the Naira gained 30 kobo on the Dollar to close at N358/$1 compared with the previous day’s N358.30/$1, while it depreciated against the Euro by N1.50 to N393.50/€1 from N392/€1, and traded flat against the British currency at N473/£1.

In Kano, the value BDC operators exchanged the Naira to the Dollar, Pound and the Euro remained at N358/$1, N472/£1 and N395/€1 respectively, while the rates also remained unchanged against the three major foreign currencies at the Port Harcourt BDC market at N358/$1, N475/£1 and N397/€1.

At the parallel market, the local currency also saw no changes against the US Dollar, the British Pound, and the Euro as it stayed at N360/$1, N473/£1 and N392/€1 respectively on Friday.

At the interbank segment of the foreign exchange market, the Naira also traded flat against the greenback at N307/$1.

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