Naira Appreciates to N443/$1 at Black Market

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.