Adedapo Adesanya
By Adedapo Adesanya
After maintaining stability for two trading sessions across the major segments of the foreign exchange market, the Naira on Tuesday depreciated by N3 against the US Dollar at the black market to close at N470/$1 from N467/$1 on Monday.
However, at the same parallel market, the domestic currency closed flat against the Pound Sterling at N600/£1 and on the Euro at N545/€1.
Business Post gathered from the Association of Bureaux De Change Operators of Nigeria (ABCON), the umbrella body for BDC operators, the value of the Naira to the US Dollar remained stable yesterday across the four key locations tracked; Port Harcourt, Lagos, Abuja, and Kano.
In Port Harcourt, the exchange rate of the Naira/Dollar remained static at N386/$1, but lost N8 against the Pound to N603/£1 from N595/£1 and depreciated by N16 against the Euro to N556/€1 from N540/€1.
In Lagos, the local currency traded flat against the American currency at N386/$1. It further traded flat against its British equivalent at N598/£1 and against the Euro at N543/€1.
At the Abuja BDC market, the domestic currency closed flat against the greenback at N386/$1. The value also remained unchanged against the Pound and Euro at N595/£1 and N547/€1 respectively.
The same pattern was observed in Kano, where the value of the local currency against the Dollar, Pound and Euro remained unchanged on Tuesday at N386/$1, N598/£1 and N548/€1 respectively.
However, at the Investors and Exporters (I&E) segment of the forex market, data from the FMDQ indicated that the Nigerian currency appreciated against the United States currency by 25 kobo or 0.06 per cent to N385.75/$1 from N386/$1.
This was boosted by the decline in the demand for FX at the window as transactions worth $120.51 million were executed by traders yesterday compared with the $133.73 million carried out at the previous session, indicating a decreased by 9.9 per cent or $13.22 million.
At the interbank window on Tuesday, the Naira to Dollar exchange rate remained at N379/$1.
