Naira Drops to N386.63/$1 as FG Extends Lockdown

By Adedapo Adesanya

Following the extension of lockdown in three states of the federation by two weeks by the federal government to contain the rapidly increasing COVID-19 cases in the country, the Naira fell by 0.46 percent against the US Dollar at the Investors and Exporters (I&E) segment on Tuesday, April 14.

According to data obtained by Business Post, the local currency fell by N1.80 kobo yesterday to close at N386.63/$1 compared with the previous exchange rate of N384.83/$1.

The market turnover for the session dropped by 79 percent 116.49 million to $30.42 million from the $146.91 million recorded before the Easter break.

At the Bureaux De Change (BDC) segment of the foreign exchange market, the local currency traded flat against the Dollar in Lagos at N416/$1. It also remained unchanged against the Pound Sterling and the Euro at N495/£1 and N435/€1 respectvely.

At both the Abuja and Kano markets yesterday, the Naira traded flat against the Dollar, Pound and Euro at N415/$1, N490/£1 and N440/€1 respectively.

In Port Harcourt, the domestic currency maintained stability against the Dollar, Pound and Euro on Tuesday at N410/$1, N500/£1 and N419/€1.

At the interbank market, the Nigerian currency traded flat against its American counterpart at N361/$1.

At the parallel market, the Naira exchange rate remained unchanged against the US Dollar and the Pound Sterling at N415/$1 and N495/£1 respectively.

However, the Naira shed N5 on the Euro to close at N430/€1 in contrast to N425/€1 it was sold the previous session.