Adedapo Adesanya
By Adedapo Adesanya
The Naira closed stronger against the United States Dollar on Monday at the Investors and Exporters (I&E) segment of the foreign exchange market.
According to data sourced from FMDQ, the domestic currency was further fortified by 33 kobo equivalent to 0.09 percent at the market window to close at N386/$1 in contrast to N386.33/$1 it ended at the segment last Friday.
This was despite the rising demand for forex at the investors’ window, which normally put the local currency under pressure.
Business Post reports that yesterday, there was a 242.1 percent or $86.97 million spike in the value of transactions at the I&E segment as trades worth $122.89 million in contrast to the previous session’s $35.92 million.
At another segment of the forex market on Monday, the Bureaux De Change (BDC), the Nigerian currency appreciated by N1 against the Dollar at the Lagos BDC market to close at N458/$1 compared with N459/$1 it traded previously.
It, however, depreciated by N3 against the Pound to close at N563/£1 versus N560/£1, while the local currency closed flat against the Euro at N504/£1.
In Port Harcourt, the local currency weakened against the US Dollar by 50 kobo to N457.50/$1 from N457/$1 and lost N2 against the Pound to N555/£1 from N553/£1, but gained N5 on the Euro to sell at N500/€1 versus N505/€1 of the prior session.
At the Abuja BDC market, the Naira/USD exchange rate remained unchanged at N458/$1. However, the Naira depreciated by N3 on the Pound to N561/£1 from N558/£1, while against the Euro, it gained N1 to trade at N504/€1 versus N505/€1.
At the Kano BDC market, the local currency retained its previous rates against the Dollar, Pound and Euro at N456/$1, N540/£1 and N490/€1 respectively.
A look at another market, the black market, the Nigerian currency traded flat against the American and the British currencies at N460/$1 and N560/£1 respectively. However, the local currency depreciated against the Euro by N3 to settle at N505/€1 in contrast to the previous day’s N502/€1.
At the interbank segment of the market, the Naira/Dollar exchange rate remained flat at N361/$1 at the close of trading on Monday.
