Naira Depreciates Against Dollar at BDC Market

BDC market

By Adedapo Adesanya 

The Naira depreciated against the Dollar at the Bureaux De Change (BDCs) segment of the foreign exchange (forex) market on Tuesday, February 25, 2020.

At the four different locations tracked by Business Post yesterday, the local currency depreciated against the American currency in Lagos and Abuja, while it remained flat in Kano and Port Harcourt.

At the Lagos BDC market, the Naira lost 10 kobo to close at N358.50/$1 against the previous N358.40/$1. It depreciated by N2 against the pound to close at N474/£1 versus N472/£1 on Monday and declined by N3 against the Euro to trade at N394/€1 in contrast to the previous session’s N391/€1.

In Abuja, the local currency depreciated by 10 kobo against the greenback to trade at N358.40/$1 after it closed at N358.30/$1 at the previous session. The local currency dropped 50 kobo against the Pound to N474/£1 from N473.50/£1, but traded flat against the Euro at N393/€1.

As earlier stated, the Nigerian currency traded flat at the Kano BDC market against the three major foreign currencies; Dollar, Pound and Euro, closing at N358/$1, N472/£1 and N395/€1 respectively.

The trend was replicated at the Port Harcourt BDC market in Rivers State as the Naira flat against the Dollar, Pound Sterling and Euro at N358/$1, N475/£1 and N397/€1 respectively.

At the Investors and Exporters (I&E) segment on Tuesday, the local currency saw a marginal rise of 0.01 percent or 3 kobo as the Naira traded at N365.33/$1 against Monday’s closing rate of N365.37/$1.

Data obtained by Business Post from the FMDQ Foreign Exchange indicated that there was higher demand for the Dollar at the investors’ window on Tuesday as traders exchanged a total of $310.84 million, higher than the $71.7 million exchanged at the previous session by 334 percent or $239.14 million.

At the interbank segment of the foreign exchange market, the Naira closed at N306.95/$1, the same rate it traded on Monday.

At the parallel market, the Naira traded flat against the Dollar at N360/$1 and the Pound at N472/£1, but gained N2 against the Euro to quote at N390/€1 compared with N392/€1 it was exchanged on Monday.

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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