Naira Falls to N387/$1 at Investors’ Window

Naira BDC Segment

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.

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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