Naira Falls to N420/$1 at Black Market

By Adedapo Adesanya

The Naira depreciated to N420 a dollar at the parallel segment of the foreign exchange (forex) market on Monday, April 20.

The local currency lost N4 yesterday from the rate it was traded at the previous session, N416/$1.

At the same segment, the domestic currency closed flat against the Pound at N495/£1 and also remained unchanged against the Euro at N430/€1.

At the Investors & Exporters (I&E) window, Business Post gathered from the FMDQ Securities Exchange that the exchange rate of the Naira/Dollar remained at N383.13/$1.

At the same market segment, it was observed that the demand for forex decline by 64 percent or $36.80 million as a result of restrictions placed on movements in some parts of the country and the globe. This has caused a general decline for forex, causing the pressure on local currency to moderate.

Yesterday, transactions worth $20.93 million were executed at the investors’ window compared with $57.73 million transacted last Friday.

At the interbank window of the market, the official exchange rate of the Naira/Dollar as sold by the Central Bank of Nigeria (CBN) remained at N361/$1.

At the Bureau De Change (BDC) segment, according to the Association of Bureaux De Change Operators of Nigeria (ABCON), the exchange rate of the Naira to Dollar in Lagos closed flat at N416/$1. Against the British Pound, it also closed flat at N495/£1 and against the Euro, the Naira remained at N440/€1.

In Abuja, the local currency was flat against the Dollar at N415/$1. It also remained unchanged against the Pound and the Euro at N490/£1 and N440/€1 respectively.

At the Port Harcourt BDC market, the Naira closed flat at N412/$1 and further remained unchanged against the Pound and Euro at N495/£1 and N437/€1 respecitvely.

In Kano, the local currency traded flat against the Dollar, Pound Sterling and Euro at N415/$1, N490/£1 and N440/€1 respectively.