Naira Depreciates to N460 Per Dollar at Black Market

May 20, 2020
naira depreciate

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.

Adedapo Adesanya

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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