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Naira Appreciates to N443/$1 at Black Market

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By Adedapo Adesanya

The Naira appreciated by N2 against the US Dollar at the black market on Tuesday to trade at N443/$1 compared to N445/$1 it wrapped at the previous session.

At the same market segment, the local currency traded flat against the Pound at N575/£1 and gained N5 against the Euro to close at N510/€1 in contrast to the previous N515/€1.

At the Bureaux De Change (BDC) segment of the foreign exchange market, the domestic currency appreciated by 50 kobo against the United States currency in Lagos to sell for N441/$1 versus Monday’s rate of N441.50/$1.

Data from the Association of the Bureau De Change Operators of Nigeria (ABCON) showed that also in Lagos, the Naira depreciated by N3 against the Pound to quote at N585/£1 compared with N582/£1 and against the Euro, it lost N20 to close at N515/€1 as against N495/€1 it sold previously.

At the Kano BDC market, the domestic currency gained N23 against the Dollar to trade at N440/$1 in contrast to N463/$1 and appreciated by N25 against the Pound to close at N585/£1 compared to N610/£1 and also gained N25 on the Euro to close at N515/€1 versus N540/€1.

In Abuja, the local currency lost N10 against the US Dollar at the BDC market to trade at N440/$1 versus N430/$1 and against the Pound, the local currency fell by N26 to N580/£1 from N554/£1 and declined by N10 against the Euro to close at N515/€1 versus the previous day’s rate of N505/€1.

The Naira lost N4 against Dollar at the Port Harcourt BDC market to close at N443/$1 as against N439/$1 on Monday and lost N19 on the Pound to sell for N589/£1 in contrast to N579/£1 while it lost N1 on the Euro to close at N509/€1 from N508/€1.

Meanwhile, at the interbank segment, the Naira/Dollar rate remained stable yesterday at N379/$1.

At the Investors and Exporters (I&E) segment, the local currency depreciated against the United States currency by 21 kobo or 0.05 per cent to trade on Tuesday at N386.21/$1 as against N386/$1 it traded on Monday despite the 22.2 per cent or $10.04 million decline in the transactions recorded at the market segment.

On Tuesday, investors executed trades valued at $35.18 million in contrast to $45.22 million carried out on Monday at the market window.

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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