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By Adedapo Adesanya

It was a bad outing for the Naira at the Bureau de Change (BDC) segment for foreign exchange on Wednesday in Lagos.

The local currency lost N1 against the United States currency at the midweek session to trade at N460/$1 in contrast to N459/$1 it went for the previous day.

According to data obtained by Business Post from the Association of Bureau de Change Operators of Nigeria (ABCON), the domestic currency, however, put up a good fight against the Pound in Lagos by gaining N8 to sell at N559/£1 in contrast to N567/£1 it traded on Tuesday and lost N2 on the Euro to sell at N504/€1 versus N502/€1 of the preceding session.

At the Kano market, the Naira depreciated by N3 to trade at N460/$1 from N457/$1 on Tuesday, while against the Pound and the Euro, the domestic currency remained unchanged at N540/£1 and N490/€1 respectively.

Furthermore, the Naira depreciated against the greenback at the Port Harcourt BDC market by N2.50 to N460/$1 from N457.50/$1. It also depreciated by N5 on the Pound to N555/£1 from N550/£1 and lost N6 against the Euro to sell at N503/€1 versus N497/€1.

In Abuja, the local currency closed flat against the Dollar at N457/$1. It further traded flat against the Pound and the Euro at N547/£1 and N492/€1 respectively.

Meanwhile, at the Investors and Exporters (I&E) segment of the market, the Naira depreciated by 25 kobo or 0.06 percent against the American currency to N386.75/$1 from N386.50/$1 it traded on Tuesday.

Business Post reports that investors at the FX market window bided the Dollar as high as N390 and as low as N375 during the trading session.

When market activities were wrapped up, transactions worth $11.96 million were recorded compared with the previous day’s $103.37 million, indicating 88.4 percent or $91.4 million drop.

A look at the interbank segment of the market on Wednesday showed that the value of the Naira to the Dollar remained at N381/$1.

Also, at the black market, the Naira/Dollar exchange rate remained N461/$1. Against the Pound, the value remained at N558/£1 but against the Euro, it lost N2 to sell at N504/€1 versus the previous N502/€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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