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

Demand for Dollars

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.

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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