Naira Appreciates to N379/$1 at Interbank Segment

By Adedapo Adesanya

The official exchange rate of the Central Bank of Nigeria (CBN) at the interbank segment of the foreign exchange (forex) market appreciated by N2 or 0.52 per cent against the Dollar on Tuesday to N379/41 from N381/$1.

Business Post reports that this was the first time in several weeks the exchange rate at the window would be making a movement. The interbank rate is the value the central bank sells the greenback to the government for its transactions.

At another segment of the foreign exchange market yesterday, the Bureaux De Change (BDCs) window, the local currency appreciated by 70 kobo to finish at N475/$1 compared with N475.70/$1 of the previous day. Against the Pound, it remained unchanged at N617/£1 and also closed flat against the Euro at N553/€1.

In Abuja, the local currency remained unchanged against the American currency at N475/$1, same with the Pound, which traded flat at N620/£1 and stayed static against the Euro at N555/€1.

At the Port Harcourt BDC market, the domestic currency closed flat against the Dollar, Pound Sterling and the Euro at N475/$1, N611/£1 and N548/€1 respectively and maintained the same exchange rate against the Dollar, Pound and Euro at the Kano segment of the market at N475/$1, N595/£1 and N548/€1 apiece.

At the black market, the value of the Naira against the greenback remained static at N477/$1. The stability extended to the British and European currencies, which closed at N611/£1 and N552/€1 respectively.

Business Post also gathered from the FMDQ that the exchange rate of the Naira/Dollar at the Investors and Exporters (I&E) market retained its previous day’s value of N386/$1 despite a 442.1 per cent or $31.83 million spike in the demand for forex at the window yesterday.

Data from FMDQ showed that transactions valued at $39.03 million were executed at the forex segment on Tuesday compared with the $7.20 million recorded on Monday.