Adedapo Adesanya
By Adedapo Adesanya
The Naira couldn’t extend the gains it has recently recorded against the United States Dollar at the black market on Tuesday as it depreciated by N5.
At the segment of the foreign exchange (forex) market yesterday, the domestic currency was sold at N445/$1 compared with the N440/$1 it traded on Monday.
However, at the same market window, the local currency closed flat against the Euro at N467/€1, while against the Pound, it depreciated by N5 to close at N540/£1 in contrast to N535/€1 it exchanged at the previous session.
A look at the Investors and Exporters (I&E) window of the market on Tuesday showed that the domestic currency retained its previous exchange rate against the Dollar at N385.50/$1.
This was despite the slight increase in the demand for forex at the segment as the federal government has asked financial sector to commence full operations.
Trades valued at $34.35 million were executed during the session in contrast to $31.40 million exchanged at the previous session. This indicated a rise by 9.4 percent or $2.95 million.
At the Bureaux De Change (BDC) segment of the FX market, the Nigerian currency lost N3 against the American currency in Lagos to sell at N443/$1 compared with N440/$1 it previously traded.
In addition, the local currency depreciated by N1 against the British currency to N545/£1 from N544/£1, while against the Euro, it gained N5 to close at N475/€1 compared with N480/€1 it traded previously.
At the Port Harcourt market, the Naira also lost N3 against the Dollar to settle at N440/$1 compared to N437/$1 of the previous day, while against the Pound Sterling, it dropped N10 to close at N525/£1 as against N515/£1 on Monday, but gained N3 on the Euro to trade at N465/€1 versus N468/€1.
At the Abuja BDC market, the Naira closed the day’s session by shedding N1 against the Dollar at N440/$1 as against N439/$1. It lost N2 on the Pound to close at N532/£1 in contrast to the previous day’s N530/£1 and shed the previously gained N30 against Euro to close at N465/€1 compared with N435/€1.
In Kano, the local currency exchange rate with the Dollar closed flat at N437/$1. It was a similar situation against the Pound and Euro as it ended at N525/£1 and N470/€1 respectively.
At the interbank window of the forex market, the Central Bank of Nigeria (CBN) sold the Dollar to commercial banks at N361/$1, the same rate of the previous session.
