Naira Appreciates to N430/$ at Black Market Monday

May 5, 2020
Naira appreciates

By Adedapo Adesanya

As some important economic activities resumed in the country on Monday, following the ease of the lockdown directive, the Naira appreciated against the American Dollar at both the black market and the Investors and Exporters (I&E) segment of the foreign exchange market.

At the black market, the Naira appreciated by N20 against the Dollar to close at N430/$1 in contrast to N450/$1 it traded at the preceding session.

However, at the same market segment, the local currency depreciated by as much as N15 against the Pound Sterling to close at N525/£1 in contrast to N510/£1 it previously traded, while the Naira appreciated by N10 against the Euro to close at N435/£1 compared with N445/£1 at the previous session.

At the I&E window, the domestic currency appreciated by 0.85 percent or N3.30 to close at N384/$1 in contrast to N387.30/$1 at the previous session.

This was influenced by the lower demand for forex at the market. Yesterday, transactions worth $28.23 million were recorded at the market, 66 percent or $55.2 million lower than $83.41 million exchanged at the previous session.

At the Central Bank of Nigeria (CBN) official window, the domestic currency remained flat against the greenback at N361/$1.

At the Bureaux De Change (BDC) segment of the market, the Nigerian currency traded flat in Lagos at N450/$1. Against the British Pound, the domestic currency remained unchanged at N530/£1 and against the Euro, it also closed flat at N481/€1.

In Abuja, the exchange rate of the Naira to the Dollar remained unchanged at N457/$1. It further quoted flat against the Pound and the Euro at N498/£1 and N440/€1 respectively.

At the Port Harcourt BDC market, the Naira closed flat against the American currency at N457/$1 and closed flat against the Pound at N508/£1 and against the Euro at N460/€1.

In Kano, the local currency exchange rate traded flat against the United States Dollar at N459/$1 and against the Pound, it remained unchanged at N498/£1 and against the Euro, it traded flat at N440/€1.

Adedapo Adesanya

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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