Naira Depreciates to N463/$ at Black Market

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.