Adedapo Adesanya
By Adedapo Adesanya
The Naira rose marginally against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Thursday, May 14, 2020.
The domestic currency appreciated by 0.09 percent, equivalent to 36 kobo, on the American currency to sell at N386.58/$1 compared with N386.94/$1 it was exchanged on Wednesday.
The Nigerian currency was strengthened at the market window yesterday despite coming under pressure as a result of the demand for forex by customers. However, authorised forex dealers were able to meet their demands.
According to data obtained by Business Post from the FMDQ Securities Exchange, the demand for forex increased yesterday by 164 percent or $27.87 million to $48.87 million from the $17 million of the previous day.
At the Bureaux De Change (BDC) segment of the market, it was observed that the Naira depreciated against the Dollar in Lagos by N6.50, selling at N453/$1 in contrast to N446.50/$1 it traded previously. However, the domestic currency retained its previous rates against both the Pound Sterling and the Euro at N540/£1 and N472/€1 respectively.
In Abuja, the local currency exchange rate closed flat against the Dollar at N440/$1. It also closed flat against the Pound at N538/£1, but appreciated by N18 against the Euro to close at N450/€1 in contrast to N468/€1 of the prior session.
At the Port Harcourt BDC market, the Naira also closed flat at N430/$1. It further remained unchanged against the Pound and the Euro at N515/£1 and N450/€1 respectively.
It was a similar situation at the BDC market in Kano, where the Naira also closed flat against the three major foreign currencies; the Dollar, Pound and Euro at N440/$1, N538/£1, and N468/€1 respectively.
At the interbank segment of the forex market, the Central Bank of Nigeria (CBN) maintained the exchange rate of the Naira to the Dollar at N361/$1 on Thursday.
A look at activities at the parallel market showed that the Naira/American Dollar exchange rate remained unchanged at N450/$1.
However, against the Pound, the domestic currency lost N5 to close at N540/£1 compared with N535/£1 it was sold on Wednesday. It also depreciated by N5 against the Euro at the black market on Thursday to N460/€1 from N455/€1.
