By Adedapo Adesanya
The Naira depreciated against the US Dollar at the Investors and Exporters (I&E), Interbank and the Bureaux De Change (BDC) segments of the foreign exchange market on Monday, January 20, 2020. This came after the local currency performed well at the market segments last week.
Yesterday, the domestic currency dropped 54 Kobo equivalent to 0.15 percent against the American currency at the Investors window to trade at N362.38 per Dollar in contrast to N361.84 to a Dollar at the previous session.
According to data gathered by Business Post from the Financial Markets Dealers Quotations (FMDQ) platform, the market turnover for Monday was lower than the previous trading day, which was last Friday.
It was stated that transactions worth $154.85 million were executed at the market segment during yesterday’s session compared with the $392.94 million achieved at the last session, indicating a 61 percent or $152.09 million decline.
At the Interbank segment of the FX market, the Naira depreciated against the US Dollar by 0.02 percent or 5 Kobo on the first trading day of the week to quote at 306.95/$1 against N306.90 to a Dollar it previously traded.
At the Bureaux De Change (BDCs) segment in Lagos, the Naira dropped 30 kobo to close at N361 to a dollar compared with N360.70k it traded previously. The domestic currency also depreciated by N2 against the Pound to close at N479/£1 from N479/£1, but closed flat against the Euro yesterday at N400 per Euro.
There was no changes to the exchange rate at the Port Harcourt BDC market as the local currency closed flat against the US Dollar, Pound, and Euro on Monday at N360.50/$1, N481/£1, and N400/€1 respectively.
In Abuja, the local currency exchange rate dropped 50 Kobo against the greenback to trade at N361/$1 after closing at N360.50/$1 last Friday, while the Naira closed flat against the Pound and Euro at N481/£1 and N400/€1 respectively.
Meanwhile in Kano, the Naira gained N1 to close at N360 against the greenback from N361/$1 recorded previously. It recorded no changes against both the Pound and the Euro as it remained stable at N475/£1 and 400/€1 respectively on Monday.
At the parallel market, the domestic legal tender remained non-moving against the US Dollar to close at N362 per Dollar, while it also closed flat against the British Pound Sterling at N477/£1 and also quoted flat against the Euro at N400/€1.
