Adedapo Adesanya
By Adedapo Adesanya
The Naira bounced back on Thursday after shedding at the previous session, at the Investors and Exporters (I&E) segment of the foreign exchange market.
At the session, the local currency gained 30 kobo equivalent to 0.08 percent on the US Dollar to close at N365.22/$1 compared with N365.52/$1 it traded on Wednesday.
This was manly buoyed by reduction in the demand for forex as the value of transactions significantly reduced by 73 percent or $1.02 billion. According to data from FMDQ, trades worth $377.72 million were recorded yesterday compared with $1.4 billion quoted previously.
At another market segment, the Naira’s performance at the parallel market against the United States Dollar was flat as the exchange rate remained at N360/$1 at the close of business.
However, the local currency dropped N2 against the Euro on Thursday to close at N392/€1 in contrast to N390/€1 at the midweek session and then lost N1 against the Pound Sterling to sell at N472/£1 compared with the previous rate of N471/£1.
Business Post reports that the Naira traded flat against the greenback at the Central Bank of Nigeria (CBN) official window also known as the interbank segment at N306.95/$1.
At the Bureaux De Change (BDCs) segment in Lagos, the Naira gained 30 kobo to close at N358 to a dollar in contrast to N358.30 per dollar it traded previously. Against the pound, the domestic currency fell by N3 to close at N474/£1 compared with N471/£1, and then lost N5.80 on the Euro to close at N395.30/€1 compared with N389.50/€1 on Wednesday.
In Abuja, the local currency was exchanged by BDC operators at N359/$1 compared with the previous exchange rate of N358/$1, indicating that the Naira lost N1 against the greenback. However, it traded flat against both the Euro and the Pounds at N395/€1 and N475/£1 respectively.
In Port Harcourt, the Naira/USD exchange rate remained at N358 just as the Pound and Euro remained at N475/£1 and N397/€1 respectively.
It was the same scenario at the Kano BDC market, where the domestic currency retained its previous exchange rates against the Dollar, Pound and the Euro at N358/$1, N472/£1 and N395/€1.
