Naira Edges Higher at N462/$1 at Black Market Thursday

September 18, 2020
devalue naira
Image Credit: Jean Chung/Bloomberg

By Adedapo Adesanya

The Naira was able to take back some gains, about N3, against the US Dollar at the black market on Thursday as it sold at N462/$1 compared with N465/$1 it was traded on Wednesday.

However, against the British Pound Sterling, the local currency remained unchanged at N595/£1 and depreciated by N5 on the Euro to N545/€1 from N540/€1.

At the Investors and Exporters (I&E) window yesterday, the value of the Naira in comparative with the Dollar remained static at N386/$1 on the back of the decline in the day’s turnover by 68.9 per cent or $194.5 million.

During the session, transactions worth $87.78 million were recorded in contrast to the previous session’s $282.28 million worth of trades.

Yesterday, the Central Bank of Nigeria (CBN) maintained the exchange rate it sells the Dollar to commercial banks in the country for government transactions, N379/$1.

At the Bureaux De Change (BDC) segment, Business Post gathered that the Naira depreciated against the Dollar by N2 to trade at N465/$1 compared to N463/$1 it previously traded.

On the Pound, it dropped N11 to close at N606/£1 as against N595/£1 it was traded the previous day while against the Euro, it depreciated by N1 to N545/€1 from N544/€1.

However, in Port Harcourt, the local currency gained 50 kobo against the US Dollar to N464/$1 from N464.50/$1 but closed flat on the Pound at N595/£1 and lost N2 against the Euro to N547/€1 from N545/€1.

The Naira/USD exchange rate at the Abuja BDC market made no movement from N465/$1. It was the same outcome on the Pound and Euro, which remained unchanged at N610/£1 and N545/€1 respectively.

In Kano, the local currency traded flat against the Dollar, Pound and Euro on Thursday at N461/$1, N605/£1 and N535/€1 respectively.

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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