Adedapo Adesanya
By Adedapo Adesanya
The Naira continued its depreciation against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange market when it dropped to N366.01 per Dollar on Tuesday, March 3.
According to data monitored by Business Post on the FMDQ, at the previous session on Monday, the Naira had depreciated to N365.46/$1, but further fell at by 0.15 percent equivalent to 56 kobo.
This was caused by a larger demand for the forex by traders as a total of $1.2 billion worth of transactions occurred during the session, higher than the previous day’s $49.53 million, representing $1.1 billion or 2,261 percent increase.
A look at another market segment, the parallel market, showed that the local currency gained N2 against the greenback to close at N360/$1 in contrast to N362/$1 it was traded at the previous session.
However, the domestic currency depreciated by N1 on the Euro at the black market to sell at N392/€1 against the previous day’s N391/€1, and went down by N1 on the British currency to close at N473/£1 compared with N472/£1 it previously traded.
At the Bureau De Change (BDCs) segment of the market, the Nigerian currency dropped 40 kobo against the United States Dollar to quote at N358.20/$1 in contrast to N357.80k/$1 it traded on Monday. The local currency also depreciated by N3.50 against the Euro at the Lagos BDC market as it closed at N392/€1 compared with N388.50/€1 it traded on Monday, but gained N2 gain on the British pound to N470/£1 from N472/£1.
At the Abuja BDC market, the local currency exchange rate to the Dollar closed flat at N357.70/$1. However, it depreciated against the pound by 50 kobo to N472/£1 from N471.50/£1 and lost 60 kobo against the Euro to quote at N392/€1 versus N391.40/€1 the previous day.
At the Kano BDC market, the Naira remained unchanged against the Dollar, Pound Sterling and Euro at N358/$1, N472/£1 and N395/€1 respectively.
It was a similarly story at the Port Harcourt BDC market, where the Naira remained at N358/$1, N475/£1 and N397/€1.
At the interbank segment of the foreign exchange market, the Naira, which dropped to N307 per dollar on Monday, maintained the same exchange rate on Tuesday.
