Adedapo Adesanya
By Adedapo Adesanya
The local currency depreciated against the Dollar at the parallel market on Wednesday by N2 to sell for N445/$1 as against N443/$1 it traded on Tuesday.
However, against the Pound and the Euro, the domestic currency had a different outcome, closing flat against both foreign currencies at the same window at N575/£1 and N510/€1 respectively.
Business Post observed that despite another round of forex sales to Bureaux De Change (BDCs) operations by the Central Bank of Nigeria (CBN) on Wednesday, the Nigerian currency suffered a depreciation against the Dollar in Lagos, losing N1 against the American currency to trade at N442/$1 in contrast to the previous day’s rate of N441/$1.
According to data from the Association of the Bureau De Change Operators of Nigeria (ABCON), the local currency closed flat against the Pound in Lagos at N585/£1 but lost N44 against the Euro to settle at N559/€1 versus N515/€1 it previously traded.
At the Port Harcourt BDC market, the domestic currency equally fell by N1 against the Dollar to trade at N444/$1 compared with N443/$1 while it appreciated by N3 against the Pound to close at N586/£1 compared to N589/£1 and depreciated by N4 on the Euro to N513/€1 from N509/€1.
But in Abuja, the local currency traded flat against the Dollar, Pound, and Euro to close at N440/$1, N580/£1, and N515/€1 respectively.
It was a similar outcome at the Kano BDC market, where the Naira traded flat against the Dollar, Pound Sterling and Euro at N440/$1, N585/£1 and N515/€1 respectively.
At another segment of the foreign exchange market yesterday, the value of the Naira compared with the US Dollar remained stable at N379/$1 at the close of business.
However, at the Investors and Exporters (I&E) window, the Naira appreciated against the greenback by 0.05 per cent 21 kobo to close at N386/$1 as against N386.21/$1 it quoted the previous session.
This came despite the 14.9 per cent or $5.25 million increase in the demand for the forex at the I&E segment yesterday. At the close of transactions, trades worth $40.43 million were completed at the section compared with the previous day’s $35.18 million.
