Naira Falls to N450 Per Dollar at Black Market

forex Black Market

By Adedapo Adesanya

The Naira depreciated by N3 against the American Dollar at the black market segment on Friday, June 5, 2020.

The domestic currency wrapped the final trading day of the week at N450/$1 compared with the N447/$1 it traded at the segment of the foreign exchange (forex) market on Thursday.

At the same segment, the local currency depreciated by N2 against the Pound to close at N545/£1 in contrast to N543/£1 it exchanged at the previous session. Also following the same trend, the naira lost N2 on the Euro to close at N472/€1 from N470/€1.

At the Investors and Exporters (I&E) window of the market on Friday, the domestic currency depreciated by 20 kobo against the greenback to sell at N386.70/$1 compared with N386.50/$1 it was sold previously.

During the session, there was an increase in demand for forex as trades valued at $112.89 million were executed in contrast to $85 million exchanged at the previous session. This indicated a rise by 33 percent or $27.89 million.

At the Bureaux De Change (BDC) segment, the Nigerian currency dropped N2 against the American currency in Lagos to sell at N449/$1 compared with N447/$1 it previously traded. However, the local currency traded flat against the Pound and the Euro to sell at N550/£1 and N470/€1 respectively.

At the Port Harcourt market, the Naira lost N5 against the Dollar to trade at N446/$1 compared to N441/$1 of the previous day, while against the Pound Sterling, it dropped N23 to close at N550/£1 from N527/£1 and lost N4 on the Euro to N470/€1 versus N466/€1.

At the Abuja BDC market, the Naira closed the day’s session flat against the Dollar at N447/$1. Meanwhile, it lost N12 on the pound to close at N547/£1 from N535/£1 but gained N2 against Euro to close at N476/€1 from N478/€1.

In Kano, the local currency lost N10 against the Dollar to quote at N447/$1 compared to N437/$1 while against the Pound Sterling, it dropped N22 to close at N547/£1 from N525/£1 and closed flat on the Euro at N470/€1.

At the interbank window of the forex market, the Dollar was exchanged at N361.

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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