Adedapo Adesanya
By Adedapo Adesanya
Low demand for the dollar due to the lockdown instituted by the federal government in Abuja, Lagos and Ogun State helped the Naira sustain its stability at the various segments of the foreign exchange market on Monday, April 6, 2020.
The movement cessation entered its second week yesterday and may be extended if the COVID-19 pandemic still remains a threat in the country.
At the Investors and Exporters (I&E) window on Monday, the local currency maintained its previous exchange rate against the greenback at N383/$1.
During the session, the value of transaction at the forex market segment dropped $15.74 million from $74.51 million, indicating a 79 percent or $58.77 million decrease.
At the Bureaux De Change (BDC) segment, data from the Association of Bureaux De Change Operators of Nigeria (ABCON) showed that in Lagos, the domestic currency traded flat against the Dollar at N414/$1. However, against the British pound, it lost N1 to sell at N500/£1 compared with N499/£1 of the previous session, while against the Euro, the Naira depreciated by N22 to N440/€1 from N418/€1.
In Abuja, the Naira depreciated by N2 against the American currency to quote at N412/$1 compared with N410/$1 recorded at the previous session. It dropped N1 against the Pound to N500/£1 from N499/£1 and also declined by N1 against the Euro to N419/€1 from N418/€1.
At the Port Harcourt BDC market, the Naira closed flat against the US Dollar at N410/$1 and also traded flat against the pound to close at N500/£1. However, it lost N81 against the Euro to sell at N500/€1 as against the previous rate of N419/€1.
In Kano, the local currency exchange rate against the Dollar was flat on Monday, selling at N415/$1. The exchange rate also remained static against the pound and Euro at N490/£1 and N440/€1 respectively.
Likewise, at the black market, the Naira retained its previous rate against the Dollar on Monday at N415/$1 and also remained unchanged against the Pound at N500/£1. However, it appreciated by N5 against the Euro to quote at N415/£1 versus N420/£1 it was exchanged last Friday.
At the interbank segment of the market, the official exchange rate of the Central Bank of Nigeria (CBN) remained at N361/$1.
