By Adedapo Adesanya
The value of the Naira dropped to N388/$1 at the Investors and Exporters (I&E) segment of the foreign exchange market on Thursday, July 16.
The depreciation against the greenback yesterday was by N1.50 or 0.39 per cent of Wednesday’s exchange rate of N386.50/$1.
This may have been caused by the significant pressure on the local currency during the trading day.
Business Post reports that the demand for forex at the window grew by 445.9 per cent or $83.42 million as trades valued at $102.13 million were recorded compared with the previous session’s $18.71 million.
Meanwhile, at the parallel market, the domestic currency closed flat against the dollar at N470/$1. It was the same outcome against the Euro at N515/€1. However, the Naira declined by N6 against the Pound to trade at N576/£1 compared to N570/£1 on Wednesday.
At the interbank segment, the value of the Nigerian currency against its American counterpart remained unchanged at N381/$1.
At the Bureaux De Change (BDC) segment of the forex market, the local currency lost 50 kobo against the Dollar in Lagos to sell at N467/$1 in contrast to N466.50/$1 it recorded previously.
Against the Pound, the local currency shed N7 to close the day at N576/£1 from N569/£1, while it closed flat on the Euro to trade at N515/€1.
At the Port Harcourt BDC market, the domestic currency lost 50 kobo against the Dollar to sell at N465.50/$1 in contrast to the previous day’s N465/$1. Against the Pound, the Naira crashed by N2 to close at N573/£1 compared with Wednesday’s N571/£1 and also dropped N2 against the Euro to close at N519/€1 as against the previous value of N517/€1.
The local currency closed flat against the Dollar, Pound and Euro at the Abuja BDC market at N467.50/$1, N563/£1 and N513/€1 respectively.
It was a similar scenario at the Kano BDC market where the Dollar, Pound and Euro remained at N465/$1, N560/£1 and N507/€1 respectively.
