Naira/Dollar Exchange Rate Depreciates by 0.30% at I&E

February 25, 2020
naira and dollar

By Adedapo Adesanya 

The Naira depreciated by N1.10k or 0.30 percent against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange market on Monday, February 24, 2020.

This pushed the value of the local currency at the N365 territory during the trading session, closing at N365.36 to a Dollar from N364.26 per Dollar it appreciated to last Friday.

Business Post observed that the decline suffered by the domestic currency at the I$E FX window of the market came amid reduction in the value of transactions at the close of Monday’s session.

Data from the FMDQ, the platform which tracks activities of the market, showed that investors exchanged a total of $71.7 million compared with the previous session’s $480.39 million, representing a 85 percent or $408.7 million decline in the transaction value.

At the official window of the Central Bank of Nigeria (CBN) also known as the interbank segment, the local currency slightly appreciated by 0.02 percent or 5 kobo to N306.95/$1 from N307/$1 it previously traded.

At the parallel market, the domestic currency remained unchanged against the US Dollar as it closed on Monday at N360 per Dollar and also traded flat against the Euro at N392/€1, but gained N1 on the Pound Sterling to sell at N472/£1 versus N473/£1 it previously traded.

At the Bureaux De Change (BDCs) segment, operators exchanged the Naira against the Dollar at N358.30/$1 at the Abuja market in contrast to N358.70$1 it was sold last Friday, indicating a 40 kobo growth. It also gained 50 kobo on the Euro to sell at N393/€1 versus N393.50/€1 at the last last session, while it depreciated against the Pound by 50 kobo at the same market to N473.50/$1 from N473/$1.

At the Lagos BDC market, the Nigerian currency lost 40 kobo to quote at N358.40/$1 on Monday in contrast to to N358/$1 last Friday, while it appreciated by N2.50 against the Euro to close at N391/€1 compared with N393.50/€1 it traded last and improved by N1 gain on the British currency to N472/£1 from N473/£1 it last traded.

It was observed that yesterday, the Naira/USD rate remained unchanged at the Kano BDC market, closing at N358/$1. It also traded flat against the Pound and Euro at N472/£1 and N395/€1 respectively.

It was a similar scenario at the Port Harcourt market as BDC operators sold the Dollar, Pound Sterling and the Euro on Monday at N358/$1, N475/£1 and N397/€1 respectively, the same rate they all traded last Friday.

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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