Naira Falls Against Dollar at Lagos BDC Market

By Adedapo Adesanya 

The Naira depreciated against the US Dollar at the Bureau De Change (BDC) segment of the foreign exchange market on Monday, June 15.

According to data from the Association of Bureau De Change Operators of Nigeria (ABCON), the local currency lost N1.50 against the Dollar at the Lagos BDC market to sell at N449.50/$1 compared with N448/$1 it sold at the previous session.

However, against the pound, the local currency gained N2 to sell at N548/£1 compared to previous rate of N550/£1, but on the Euro, it lost N12 to N490/€1 from N478/€1.

In Abuja, the local currency shed N1 against the greenback to close at N448/$1 versus N447/$1 of the previous session, while against the pound, it retained traded flat at N550/£1 and lost N2 on the Euro to trade at N482/€1 in contrast to N480/€1 it traded the previous session.

At the Port Harcourt BDC market, the Nigerian currency lost N2 to close at N448/$1 in contrast to N446/$1 it exchanged at the last session. Against the pound, the Naira also lost N2 to close at N550/£1 versus N548/£1 and against the Euro, it lost N3 to close at N490/€1 as against N487/€1 of the preceding session.

Also, at the Kano BDC market, the domestic currency lost N2 against the Dollar to sell at 448/$1 in contrast to N446/$1 of the previous session and lost N10 on the pound to trade at N550/£1 as against N540/£1 and shed N2 on the Euro to close at N482/€1 compared to N480/€1.

At the Investors and Exporters (I&E) segment of the market, the Naira depreciated by 75 kobo or 0.19 percent against the US Dollar to close at N386.50/$1 compared to N385.75/$1 it recorded at the previous session.

According to data obtained from the FMDQ, there was a rise in the demand for forex and this pushed the transaction value to $14.27 million from $12.45 million, representing a $1.82 million or 15 percent rise.

At the parallel market, the local currency traded flat against the Dollar at N450/$1. It further traded flat against the Pound at N550/£1 and against the Euro at N485/€1.

At the interbank segment, the Naira traded flat against the Dollar at N361/$1.