Naira Depreciates to N463/$ at Black Market

devalue naira
Image Credit: Jean Chung/Bloomberg

By Adedapo Adesanya

The Naira depreciated by N2 against the American Dollar at the black market on Thursday, July 9 as the market continues to come under pressure following a proposed unification of exchange rates.

At the segment of the foreign exchange market, the local currency closed at N463/$1 yesterday compared with the previous day’s N461/$1.

At the same segment, the local currency fell by N4 against the Pound Sterling to close at N562/£1 as against the previously traded rate of N558/£1, while the Naira ended the session with a N1 drop against the Euro to close at N505/€1 from N504/€1 published at the previous session.

However, at the Investors and Exporters (I&E) window of the market on Thursday, the Naira appreciated by 0.06 percent or 15 kobo to close at N386.50/$1 versus N386.75/$1 it was previously published at the market.

This happened amid the day-on-day increase in demand for the greenback by 110.6 percent or $13.23 million as daily market turnover stood at $25.19 million compared with $11.96 million transacted on Wednesday.

However, at the interbank segment of the market, the value of the Naira to the Dollar remained unchanged yesterday at N381/$1.

Meanwhile, at the Bureau De Change (BDC) market, the Naira depreciated against the Dollar by N4 in Lagos to N464/$1 from N460/$1 it recorded previously. Against the British pounds, the domestic currency shed N9 to trade at N568/£1 compared to N559/£1 previously traded and against the Euro, it closed flat at N504/€1.

In Port Harcourt, the local currency weakened against the US Dollar by N1.50 to N461.50/$1 from N460/$1 and lost N4 against the Pound to N559/£1 from N555/£1, and lost N2 on the Euro at close at N505/€1 versus N503/€1.

The Naira/USD exchange rate at the Abuja market fell N3 to N460/$1 against N457/$1 and recorded no changes against the Pound and the Euro at N547/£1 and N492/€1 respectively.

Also, at the Kano BDC market, operators traded the local currency against the Dollar, Pound and Euro at the previous rates of N460/$1, N540/£1 and N490/€1 respectively.

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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