Naira Gains at I&E, Loses at BDC, Trades Flat at Interbank, Black Markets

By Adedapo Adesanya

The Naira traded mixed against the United States Dollar at the various segments of the foreign exchange (forex) market on Friday, January 17, 2020.

The domestic currency continued its good performance at the Investors and Exporters (I&E) segment of the market, appreciating by 8 kobo or 0.02 percent against the greenback to trade at N361.84 per Dollar in contrast to N361.92/$1 it was sold the previous day.

This was as the total turnover at the investors window reduced during the session by 47.5 percent or $354.87 million to $392.94 million compared with $747.81 million achieved on Thursday.

At the Bureaux De Change (BDCs) segment in Lagos, the Naira lost 20 kobo to close at N360.70k to a dollar compared with N360.50k per Dollar it transacted the previous day. When paired with other foreign currencies being traded at the market, the Nigerian Naira traded flat against the British Pounds and the Euro at N477/£1 and 400/€1 respectively.

At the Abuja market, trading closed at the BDC segment with the local currency losing 30 kobo against the US Dollar to trade at N360.50/$1 against N360.80/$1 it went for at the previous session. However, the domestic currency gained N1 against the Pounds to close at N477.50/£1 from N478.50/£1, while it depreciated against the Euro by N1 to close at N400/€1 from N399/€1 recorded on Thursday.

At the Port Harcourt market, the local currency exchange rate closed unchanged against the Dollar, Pounds and the Euro at N360.50/$1, N481/£1, and N400/€1 respectively.

At the Kano BDC market, the Nigerian currency also remained at its previous prices against the US Dollar, the Pounds and the Euro, closing at N361/$1, N475/£1 and 400/€1 respectively.

At the parallel market, the domestic currency remained flat against the US Dollar, the Pounds, and the Euro to close at N362 per Dollar, N477 against the British Pound Sterling and N400/€1 against the Euro.

The Central Bank of Nigeria (CBN) rate also further stayed stable against the American currency at the close of business yesterday at N306.90/$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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