Adedapo Adesanya
By Adedapo Adesanya
The Investors and Exporters (I&E) segment of the market closed on Wednesday, September 30 with the Naira depreciating by 25 kobo or 0.06 per cent to sell at N386/$1 as against N385.75/$1 it sold previously.
This was despite the drop in the demand for forex at the market segment by $44.68 million or 37.1 per cent to $75.83 million from the $120.51 million achieved on Tuesday.
However, at the parallel market, the local currency appreciated against the greenback by N5 to trade at N465/$1 on Wednesday in contrast to N470/$1 it was traded at the previous session.
Against the Euro, the local currency remained unchanged from the previous session’s rate of N600/£1 and also traded flat against the Euro at N545/€1.
At the Bureaux De Change (BDC) market, data gathered by Business Post from the Association of Bureaux De Change Operators of Nigeria (ABCON) showed that the domestic currency maintained its stability as against the US currency at the major cities of the country.
For example, in Port Harcourt, the exchange rate of the Naira to the Dollar held firm at N386/$1, though it gained N9 against the Pound to N594/£1 from N603/£1 and also appreciated by N16 against the Euro to N540/€1 from N556/€1.
In Abuja, the local currency equally traded flat against the American currency at N386/$1 but dropped N1 drop against the Pound to N596/£1 from N595/£1 and closed flat against the Euro at N547/€1.
At the Lagos BDC market, the domestic currency closed flat against the American currency at N386/$1 and also remained unchanged against the Pound and the Euro at N598/£1 and N543/€1 respectively.
The BDC operators in Kano also sold the Naira at the rate it previously traded against the Dollar, Pound and Euro at N386/$1, N598/£1 and N548/€1 respectively.
The same pattern happened at the interbank segment, where the local currency traded flat against the greenback yesterday at N379/$1.
