Naira Closes Stronger Against Dollar at I&E

naira at forex market

By Adedapo Adesanya

The Naira closed stronger, by N1 equivalent to 0.26 per cent, against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange market on Monday, closing at N386/$1 in contrast to N387/$1 it ended at the segment last Friday.

At the close of the session, transactions valued at $36.28 million were recorded compared with last session’s $25.17 million, indicating a day-on-day increase by 41.3 per cent or $11.11 million.

A look at the performance of the domestic currency yesterday showed that the Nigerian Naira gained N1 on the greenback at the Bureaux De Change (BDCs) segment in Lagos to close at N466/$1 compared with N467/$1 it traded previously.

It, however, depreciated by N5 against the Pound to close at N569/£1 versus N564/£1, while the local currency lost N11 against the Euro to close at N515/€1 in contrast to N504/€1 it was traded last Friday.

In Port Harcourt, the local currency weakened against the US Dollar by N1.50 to N464.50/$1 from N463/$1 and lost N4 against the Pound to close at N562/£1 versus last day’s N558/£1, and fell by N3.50 on the Euro at N512.50/€1 versus N509/€1.

The Naira/USD exchange rate went in favour of the Dollar at the Abuja BDC market after the local currency lost N2 to close at N465/$1 compared with the previous N463/$1 and depreciated by N2 on the Pound to N563/£1 from N561/£1, and on the Euro, it depreciated by N9 to sell at N513/€1 versus N504/€1.

At the Kano BDC market, the local currency closed the session weaker by N5 to N465/$1 as against the preceding session’s N460/$1 and dropped N20 to N560/£1 from N540/£1, losing as much as N17 on the Euro to N507/€1 from last Friday’s N490/€1.

The official naira/dollar exchange rate at the interbank window remained at N381/$1 at the close of trading on Monday.

At the parallel market, the Nigerian currency remained stable against the American currency and the Pound at the yesterday at N465/$1 and N565/£1 respectively but lost N4 against the Euro at N510/€1 versus N506/€1.

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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