Adedapo Adesanya
By Adedapo Adesanya
The value of the Naira to the United States Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market went down on Thursday, January 2, 2020.
It was the first trading day of the new year and the local currency closed bearish after depreciating by 0.08 percent or 28 kobo during the session to close at N364.79/$1 compared with N364.51/$1 it traded at the previous session.
The depreciation recorded at the investors window yesterday came despite a decline in the value of transactions printed. Data from the FMDQ indicated that the turnover reduced just like in the last trading session.
Business Post reports that the value of transactions went down by 59.9 percent or $28.46 million to $19.05 million on Thursday to $47.51 million exchanged at the segment previously.
However, at the interbank segment of the Central Bank of Nigeria (CBN), the domestic currency continued to trade flat against the American currency, selling at N307/$1 at the close of business yesterday.
At the parallel market, the Nigerian Naira also remained flat against the Dollar, trading at N362/$1, the same rate it was transacted at the black market the previous session. It also traded unchanged against the British Pound Sterling at N473/£1.
But the local currency depreciated against the Euro at the same market window by N2 to close at N400/€1 against N398/€1 it quoted at the last session before the new year on Tuesday, December 31. At the last session of last year, the Naira had depreciated by N3 against the currency of the European Union member states.
Business Post reports the exchange rate of the Naira to a Dollar at the Bureaux De Change (BDC) segment of FX market varied on Thursday.
In Lagos, the local currency was sold at N361.5/$1 compared with N361/$1 it traded at the previous session, while it went for N362/$1 versus N360/$1 at the previous session in Abuja and N361/$1 versus N361 in Kano and traded flat N360/$1 in Port Harcourt, Rivers State yesterday.
