Adedapo Adesanya
By Adedapo Adesanya
The exchange rate of the Naira to the Dollar favoured the latter at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Friday, April 17, 2020.
At the window yesterday, the local currency marginally lost 0.03 percent or 13 kobo on the Dollar to close at N386.13/$1 compared with N386/$1 it traded on Thursday.
This may have been caused by a significant rise in the demand for the greenback at the market. Transactions worth $57.73 million were recorded yesterday, 306 percent or $43.51 million higher than the $14.22 million achieved at the previous session.
At the Bureaux De Change (BDCs) segment of the market, the value of the Naira to the Dollar declined by 50 kobo in Lagos, trading at N416/$1 in contrast to N415.50/$1 it was sold the previous day. Against the Pound and the Euro, the Naira traded flat at the same location at N495/£1 and N440/€1 respectively.
In Abuja, the local currency closed flat against the American currency at N415/$1. It also remained unchanged against the Pound at N490/£1 and the Euro at N440/€1.
At the Port Harcourt BDC market, the domestic currency traded flat against the Dollar, Pound and Euro at N412/$1, N495/£1 and N437/€1 respectively.
At the Kano BDC market, the Naira also closed flat against the Dollar, Pound and Euro at N415/$1, N490/£1, and N440/€1 respectively.
At the interbank segment of the forex market on Friday, the Naira/Dollar exchange rate remained unchanged at N361/$1.
It was a similar situation at the parallel market, where the Nigerian currency traded flat against its American counterpart at N416/$1. It also closed flat against the Pound at N495/£1, but gained N5 against the Euro to sell at N430/£1 versus N435/£1 it was sold on Thursday.
