Naira Falls to N387/$1 at Investors’ Window
By Adedapo Adesanya
The domestic currency recorded a bearish performance at the foreign exchange (forex) market on Friday, especially at the Investors and Exporters (I&E) segment.
During the trading session, the Naira depreciated against the US Dollar by 0.13 per cent or 50 kobo to close at N387/$1 compared to N386.50/$1 it ended at the previous session.
The depreciation occurred despite in the demand for the greenback at the market window by 0.16 per cent equivalent to $200,000.
At the trading day, market participants recorded transactions valued at $25.17 million in contrast to the previous day’s $25.19 million.
At the parallel market, there also a decline in the value of the local currency against the American currency, losing N2 to trade at N465/$1 in contrast to N463/$1 it traded on Thursday.
Equally, against the Pound and the Euro, the domestic currency depreciated by N3 and N1 respectively to close at N565/£1 and N506/€1.
At the Bureaux De Change (BDC) segment of the market, the Naira fell by N3 against the Dollar in Lagos to trade at N467/$1 as against N464/$1 of the last session.
However, the domestic currency appreciated by N4 against the Pound to trade at N564/£1 in contrast to N568/£1, while on the Euro, it remained unchanged at N504/€1.
At the Port Harcourt BDC market, the Naira dropped N2.50 against the Dollar to close at N463/$1 versus N461.50/$1 and gained N1 against the Pound to sell at N558/£1 versus N559/£1, but depreciated by N5 on the Euro to close at N509/€1 versus N505/€1.
In Abuja, the local currency closed flat against the Dollar at N440/$1 and against the Pound, it traded flat at N561/£1. However, the Naira dropped N12 on the Euro to close at N504/€1 compared to N492/€1 recorded on Thursday.
At the BDC market in Kano, the Naira closed flat against the Dollar, Pound and Euro at N460/$1, N540/£1 and N490/€1 on Friday.
At the interbank segment, the Nigerian currency remained unchanged against its American counterpart on Friday at N381/$1.