Naira Depreciates to N475 Per Dollar at Black Market

naira depreciate

By Adedapo Adesanya

The week opened with continued pressure pilling on the Naira as it sold for N475 per Dollar at the black market segment of the foreign exchange market on Monday.

Last Friday, the local currency had closed at N472/$1 at the parallel market, but at the first session of the week, it depreciated by 0.64 per cent or N3.

The local currency at the same segment lost N1 against the Pound to close at N583/£1 compared with the previous N582/£1, while against the Euro, the Naira shed N5 to close N535/€1 in contrast to N530/€1 it previously traded.

The exchange rate of the Naira/Dollar at the Investors and Exporters (I&E) window was in favour of the local currency, closing at N389.25/$1 on Monday after appreciating by 25 kobo or 0.06 per cent. Last Friday, it traded at N389.50/$1.

During the trading session, there was a decline in the demand for forex, which helped the Naira garner some strength. Yesterday, transactions valued at $38.86 million were recorded compared with the previous day’s $43.67 million, indicating a decline of 11 per cent or $4.81 million.

At the Bureaux De Change (BDC) window, data from the Association of Bureau De Change Operators of Nigeria (ABCON) showed that the Nigerian currency traded flat against the Dollar in Lagos on Monday at N472.50/$1.

But against the Pound, the local currency lost N5 to close at N587/£1 versus N582/£1 it sold previously and lost N7 on the Euro to close at N537/€1 versus N530/€1 of the last session.

In Abuja, the local currency gained N3 against the American currency to close at N469/$1 in contrast to N472/$1 it closed last Friday. Meanwhile, against the Pound, it appreciated by N10 to sell at N570/£1 versus N580/£1 and gained N1 against the Euro to close at N529/€1 in contrast to N530/€1.

At the Port Harcourt market, the domestic currency gained 50 kobo against the greenback to close at N471/$1 compared with the previous N471.50/$1. Against the Pound, the Naira lost N1 to close at N581/£1 as against the previous session’s N580/£1 while against the Euro, the domestic currency fell by N2 to N533/€1 from N531/€1.

In Kano, the local currency’s exchange rate against the Dollar, Pound and Euro remained unchanged yesterday at N471/$1, N570/£1 and N520/€1 respectively.

At the interbank window of the market, the official exchange rate of the naira/dollar remained at N381/$1.

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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