Naira/Dollar Exchange Rate Improves at Investors Window Friday

Naira to Dollar Exchange rate

By Adedapo Adesanya

After shedding at the previous session, there was a respite for the Naira at the Investors and Exporters (I&E) segment of the foreign exchange market on Valentine’s Day.

The local currency gained 16 kobo equivalent to 0.04 percent on the US Dollar to close at N364.76/$1 compared with N364.92/$1 it traded at Thursday’s session.

This was buoyed by the lesser demand for forex at the market segment during the session as the transaction value went down by 60 percent or $429.72 million to $282.33 million from $712.05 million of the previous day.

The Naira’s performance at the parallel market against the American Dollar was flat as the exchange rate remained at N360/$1, while it further gained N1 against the Euro to close at N394/€1 in contrast to N395/€1 on Thursday and improved by N2 against the Pound Sterling to sell at N473/£1 compared with the previous rate of N475/£1.

At the Bureaux De Change (BDCs) segment in Lagos, the Naira gained 30 kobo to close at N358 to a dollar compared with Thursday’s N358.30 per Dollar it traded previously, but traded flat against the pound and the Euro at N475/£1 and N394/€1 respectively.

In Abuja, the exchange rate of the Naira to the Dollar remained at N358/$1 and followed the same pattern against the Euro to remain at N394.50/€1, while it appreciated against the Pound by 50 kobo to close at N474/£1 versus N474.50/£1 it traded on Thursday.

At the Port Harcourt BDC market on Friday, there was no change to the Naira/USD exchange rate as it closed at N358/$1, just as the local currency remained static against the Pound and Euro at N475/£1 and N397/€1 respectively.

The exchange rate of the Naira to the Dollar, Pound Sterling and the Euro at the Kano BDC market remained at the previous levels of N358/$1, N472/£1 and N395/€1 respectively.

At the official window of the Central Bank of Nigeria (CBN), the exchange rate used to carry out government obligations remained at N306.95/$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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