Adedapo Adesanya
By Adedapo Adesanya
For the fourth consecutive session this week, the Naira depreciated against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange market on Thursday, January 30.
The local currency saw a 0.30 percent or N1.27k drop aagaist the American currency to trade at N364.60/$1 in contrast to N363.51/$1 it went for on Wednesday at the same window.
Business Post observed that the domestic currency suffered the huge loss as the demand for forex went up at the investors window by four percent or $4.48 million.
During the trading session, the value of transactions at the market segment was $113.35 million, higher than the $108.87 million exchanged at the previous session.
At another market segment, the interbank, also known as the official Central Bank of Nigeria (CBN) window, which shows the exchange rate for government obligations, the Naira closed flat at N307/$1.
It was a similar situation at the parallel market as the local currency remained unchanged against the United States currency at N361/$1.
However, the local currency appreciated against the Euro on Thursday and depreciated against the British Pound Sterling at the black market.
Against the Euro, the local currency gained N1 to close at N397/€1 compared with N398/€1 it traded the preceding day, while it fell by N2 against the British currency to exchange at N478/£1 in contrast to the previous day’s N476/£1.
At the Bureaux De Change (BDCs) segment of the FX market in Lagos, the Naira dropped 60 kobo to close at N358.60 to a dollar compared with N358 per Dollar it sold previously. But the domestic currency appreciated by N2.50k against the pound to close at N474.50/£1 against N477/£1 on Wednesday and gained N1 against the Euro to trade at N394/€1 versus N395/€1 the previous session.
At the Port Harcourt BDC market on Thursday, there was no change to the Naira/USD exchange rate as domestic currency closed at N358.50/$1. Likewise, the Naira closed flat against the Pound and the Euro to close at N468/£1 and N398/€1 respectively.
In Abuja, the local currency shed 20 kobo against the greenback to trade at N358.50/$1 after closing at the previous session at N358.30/$1, while the Naira fell by N1 against the Pound to close at N478/£1 in contrast to N477/£1 it traded at the last session, with the Euro closing with a loss of N2 to sell at N400/€1 compared with N398/€1 it previously traded.
At the Kano BDC market, the Naira closed at N358.50/$1 in contrast to N358.30/$1 it closed on Wednesday. It recorded no change against the Euro to end the session at N399/€1, but gained N3 on the pound to close at N475/£1 compared with N478/£1 it recorded previously.
