Naira Falls to N410/$ at Black Market Friday

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.