Adedapo Adesanya
By Adedapo Adesanya
The foreign exchange market opened the week flat with the value of the Naira against the United States Dollar maintaining stability at the close of transactions on Monday, September 28.
Business Post gathered that the Naira remained unchanged against the greenback yesterday ay N386/$1 at the Investors and Exporters (I&E) segment of the market.
This was despite the increase in the demand for forex at the market window by $48.3 million or 56.5 per cent to $133.73 million from the previous session’s $85.43 million.
At the Bureaux De Change (BDC) segment of the market, the value of the local currency over the American currency remained flat in Lagos at N386/$1.
This was helped by the supply of forex into the market window during the session by the Central Bank of Nigeria (CBN) through its weekly forex sales.
However, against the British Pound, the local currency depreciated by N1 to close at N598/£1 as against N597/£1 it traded at the last session and traded flat on the Euro at N543/€1.
The local currency’s exchange rate to the Dollar maintained stability at the Port Harcourt BDC market on Monday at N386/$1 but it depreciated against the Pound Sterling by N3 to close at N595/£1 versus N592/£1 and lost N4 on the Euro to finish at N540/€1 in contrast to N536/€1 it ended the preceding session.
At the nation’s capital, Abuja, the local currency closed flat against the Dollar, Pound and Euro on Monday at N386/$1, N596/£1 and N547/€1 respectively.
In Kano, BDC operators maintained the Naira/Dollar exchange rate of N386/$1 yesterday. The value of the Naira to the Pound and Euro also remained stable at N598/£1 and N548/€1 respectively.
At the interbank window, the CBN auctioned the Dollar to commercial banks at the previous rate of N379/$1 and at the parallel market, the local currency closed flat against both the Dollar and the Pound at N467/$1 and N600/£1 respectively, while it gained N3 on the Euro to close at N545/€1 versus N548/€1.
