Naira Appreciates to N385/$1 at Investors’ Segment
By Adedapo Adesanya
The Naira appreciated against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange market on Tuesday, April 21 to close at N385/$1 in contrast to N386.13/$1 it traded on Monday.
According to data from the FMDQ Securities Exchange, there was a higher demand for forex at the market segment yesterday.
During the session, transactions worth $30.51 million were executed at the I&E window compared with $20.93 million transacted the previous session, indicating an increase by $9.58 million or 46 percent.
At the parallel market, the Naira retained its previous exchange rate against the Dollar at N420/$1 and further traded flat against the Pound and the Euro at N495/£1 and N430/€1 respectively.
At the Bureaux De Change (BDC) segment of the market, data from the Association of Bureau De Change Operators of Nigeria (ABCON) showed that the domestic currency depreciated against the Dollar by N6 to sell at N421/$1 as against N416/$1 it previously traded. However, the Nigerian currency closed flat against the Pound and the Euro at N490/£1 and N440/€1 respectively.
In Abuja, the local currency exchange rate closed at against the Dollar at N415/$1 and also remained unchanged against the Pound and the Euro at N490/£1 and N440/€1 respectively.
At the Port Harcourt BDC market, the Naira traded flat against the Dollar, Pound and the Euro at N412/$1, N490/£1 and N437/€1 respecitvely.
Also, at the Kano BDC market, the Nigerian currency closed at against the Dollar, Pound and Euro at 415/$1, N490/£1 and N440/€1 respectively.
At the interbank segment of the foreign exchange market, the official selling rate of the Naira/Dollar by the Central Bank of Nigeria (CBN) at N361/$1.