Naira Depreciates to N386 Per Dollar at Investors Segment

naira depreciate

By Adedapo Adesanya

After closing flat for the past two straight trading sessions, the Naira snapped against the Dollar on Wednesday, August 12 by 50 kobo or 0.13 per cent at the Investors and Exporters (I&E) segment of the foreign exchange market.

At the market yesterday, the local currency finished at N386/$1 compared with 385.50/$1 it traded at the previous session.

The poor outing of the Naira against the US currency occurred despite the decline in the turnover recorded at the investors’ segment yesterday. Transactions worth $21.55 million were recorded during the session compared with the previous day’s $31.96 million, indicating a decline by $10.41 million or 32.6 per cent.

A look at the Bureaux De Change (BDC) segment of the market yesterday showed that in Abuja, the local currency depreciated against the Dollar by N1 to close at N472/$1 versus the previous rate of N473/$1.

But against the Pound, the Naira gained N1 to close at N600/£1 compared with N601/£1 and also gained N17 against the Euro to close at N540/€1 as against N557/€1 it recorded on Tuesday.

At the Port Harcourt market, the domestic currency closed flat against the Dollar and Pound at N472.50/$1 and N600/£1 respectively while against the Euro, the domestic currency depreciated by N1 to close at N543/€1 in contrast to N542/€1.

In Lagos, the local currency exchange rate against the Dollar closed flat at N472/$1, same with the Pound at N605/£1 and the Euro at N550/€1.

Also, the local currency closed flat against the Dollar, Pound and Euro at the Kano BDC market at N472.50/$1, N575/£1 and N540/€1 respectively.

At the interbank window of the forex market, the official exchange rate of the Naira to the Dollar remained at N381/$1.

Furthermore, the Naira also traded flat against the greenback and the Pound at the black market at the midweek session at N475/$1 and N605/£1 respectively.

However, it appreciated against the Euro yesterday by N1 to close at N547/€1 in contrast to the previous rate of N548/€1.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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