By Adedapo Adesanya
The value of Naira to the American Dollar moved in different directions at the various segments of the foreign exchange (forex) market on Friday, February 7, 2020.
At the Bureaux De Change (BDCs) segment of the market, the local currency also traded mixed, depreciating in Lagos by 30 kobo to close at N358.30k in contrast to the previous rate, N358/$1. Against the Pound Sterling, the domestic currency lost N2 to sell at N474/£1 versus N472/£1 it was exchanged on Thursday, while it further dropped 50 kobo against the Euro to trade at N396/€1 against N395.50/€1 it traded previously.
At the Abuja BDC market, the Naira/USD exchange rate was flat on Friday at N359/$1. The Nigerian currency also traded flat against the Pound and the Euro at N475/£1 and N396/€1 respectively.
In Port Harcourt, the local currency shed N1 against the greenback to trade at N359/$1 after closing at the previous session at N358/$1, while the Naira closed flat against the Pound at N475/£1 and the Euro at N397/€1.
In Kano, the Naira closed flat at N358/$1 at the end of transactions. It also recorded no movement against the Euro to end the session at N395/€1 and remained stable against the Pound at N475/£1.
At the Investors and Exporters (I&E) segment, the local currency saw a 0.05 percent or 20 kobo drop to trade at N364.37/$1 against the last session’s N364.17/$1.
Business Post reports that this followed a rise in the demand for forex at the market segment. Transactions worth $443.63 million were recorded during the session compared with $310.62 million exchanged at the previous session, indicating a difference of 43 percent or $133.01 million.
At the interbank segment of the foreign exchange market, the Naira closed flat at N306.95/$1, while at the parallel market, it also maintained a stability at N360/$1.
At the black market on Friday, the Naira gained N1 against the Euro to trade at N396/£1 versus N397/£1 it was sold on Thursday, while it appreciated against the Pound by N1 to sell at N475/£1 in contrast to the previous session’s N476/£1.
Modupe Gbadeyanka