Naira Depreciates to N460 Per Dollar at Black Market
By Adedapo Adesanya
The Naira continued its free fall against the American Dollar at the black market on Tuesday, with a further lose of N5.
The domestic currency wrapped up the second day of the week at N460/$1 compared with the N455/$1 it traded at the segment of the foreign exchange (forex) market on Monday.
However, at the same segment, the local currency closed flat against the Euro at N465/€1 while against the Pound, it appreciated by N5 to close at N540/£1 in contrast to N545/£1 it exchanged at the previous session.
At the Investors and Exporters (I&E) window of the market yesterday, the domestic currency retained its previous rate of N386.33/$1.
The stability came on the back of a decline in the value of transactions carried out at the segment. Trades valued at $8.67 million were executed during the session in contrast to $40.28 million exchanged at the previous session. This indicated a decline by 78 percent or $31.61 million.
At the Bureaux De Change (BDC) segment, the Nigerian currency gained 50 kobo against the American currency in Lagos to sell at N454.50/$1 compared with N455/$1 it previously traded.
However, the local currency depreciated by N5 against the British currency to N540/£1 from N535/£1, while against the Euro, it lost N3 to quote at N472/€1 compared with N475/$1 it traded previously.
In Kano, the local currency exchange rate closed flat against the Dollar at N445/$1. It was a similar situation against the Pound and Euro at N542/£1 and N468/€1 respectively.
At the Port Harcourt market, the Naira closed flat against the Dollar at N448/$1 and also against the Pound Sterling and the Euro at N542/£1 and N473/€1 respectively.
At the Abuja BDC market, the Naira closed the day’s session flat against the Dollar, Pound and Euro to sell at N448/$1, N542/£1 and N473/€1 respectively.
At the interbank window of the market, the Central Bank of Nigeria (CBN) sold the Dollar at N361 to commercial banks.