Naira Gains 0.13% on Low Demand for Dollars at I&E

By Adedapo Adesanya

There was a low demand for Dollars at the Investors and Exporters (I&E) segment of the foreign exchange market on Monday, August 10.

Business Post reports that the demand for Dollars reduced by 95.9 per cent or $95.25 million yesterday to $3.97 million from $99.22 million recorded last Friday.

This helped the local currency to appreciate against the Dollar during the session by 50 kobo or 0.13 per cent to N385.50/$1 in contrast to N386/$1 it ended at the previous session.

At the black market, the local currency remained unchanged against the greenback at the first trading session of the week at N475/$1. Against the Pound, it lost N2 to close at N602/£1 versus N600/£1 and closed flat against the Euro at N550/€1.

At the Bureaux De Change (BDCs) segment of the foreign exchange market, the domestic currency traded flat against the US Dollar in Lagos at N473/$1. However, it depreciated by 50 kobo against the Pound to close at N601.50/£1 versus N601/£1 and closed flat on the Euro at N545/€1.

In Port Harcourt, the local currency weakened against the US Dollar by N1.50 to N473.50/$1 from N472/$1 and maintained stability against the Pound and Euro at N600/£1 and N545/€1 respectively.

At the Abuja BDC market, the Nigerian currency closed flat against the greenback at N473/$1, but was strengthened against the Pound by N4 to close at N601/£1 versus N605/£1 and depreciated against the Euro by N7 to N557/€1 from N550/€1.

At the Kano BDC market, the local currency depreciated by 50 kobo against the United States currency to N472.50/$1 as against N472/$1, but closed flat against both the Pound and Euro at N575/£1 and N540/€1 respectively.

At the interbank segment of the market, the official Naira/Dollar exchange rate remained stable on Monday at N381/$1.