Naira Falls to N410/$ at Black Market Friday

forex Black Market

By Adedapo Adesanya

The Naira/US Dollar rate depreciated to N410/$1 at the parallel market on Friday, March 27, 2020 at the foreign exchange market. This was against N400/$1 it was exchanged on Thursday.

At the same segment, the local currency depreciated by N5 against the British pound yesterday, trading at N490/£1 compared with N485/£1 of the previous session and against the Euro, the local currency fell by N1 to N417/€1 from N416/€1.

At the Bureau De Change (BDC) segment of the market, the local currency depreciated against the Dollar by N2 at the Lagos BDC market to sell at N402/$1 compared with N400/$1 it was sold on Thursday.

However, it appreciated by N3 against the Pound to N492/£1 in contrast to N495/£1 of the previous day and gained N1 on the Euro to trade at N415/€1 versus N416/€1.

In Abuja, the Naira traded flat against the greenback, Pound Sterling and the Euro at N397/$1, N475/£1 and N413/€1 respectively.

It was a similar situation at the Kano BDC market as the domestic currency traded flat against the Dollar, Pound Sterling and the Euro at N397/$1, N480/£1 and N417/€1 respectively.

However, at the Port Harcourt BDC market, the Nigerian currency depreciated by N5 on Friday to N395/$1 from N390/$1. It appreciated by N6 against the British currency to sell at N478/£1 in contrast to Thursday’s rate of N484/£1, but lost N1 on the Euro to quote N415/€1 versus N414/€1.

At the Investors and Exporters (I&E) segment of the market on Friday, Business Post gathered from the FMDQ OTC Securities Exchange that the Naira appreciated against the greenback by 1.05 percent or N4.03 to N381.50/$1 from N385.53/$1.

This was as the demand for forex continue to decline due to restrictions to movements and drop in global trades. During the session, transactions worth $34.43 million occurred at the window compared with $79.74 million of the previous day, indicating a 57 percent or $45.3 million decline in forex sales.

At the interbank segment of the foreign exchange market, the Naira/Dollar exchange rate closed flat at N361/$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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