Naira Gains at Interbank, Depreciates at Other Segments

By Adedapo Adesanya 

The Naira appreciated against the US Dollar at the interbank segment of the foreign exchange (forex) market on Monday, March 23, 2020 by N1 or 0.28 percent, trading at N360/$1 compared with N361/$1 it traded last Friday.

At Bureaux De Change (BDC) segment of the market, the Naira depreciated in Lagos by N23 to close at N403/$1 in contrast to the previously traded rate of N380/$1. The domestic currency lost N10 against the pound to close at N485/£1 compared with N475/$1 and dropped N9 against the Euro to trade at N415/€1 in contrast to N406/€1 it previously exchanged.

At the Abuja BDC market, the local currency dropped N25 against the greenback to trade at N388/$1 compared with N376/$1 it was sold on Friday. Against the pound, the Naira gained N8 to close at N475/£1 versus N483/£1 of the previous trading day, and gained N1 on Monday against the Euro to N412/€1 from N413/€1.

At the Port Harcourt BDC market, the Naira depreciated by N18 to sell at N390/$1 compared with N372/$1 and appreciated by N2 on the pound to close at N484/£1 versus N486/£1 and gained N1 on the Euro to close at N414/€1 in contrast to N415/€1.

In Kano, BDC operators exchanged the Naira at N388 to a dollar in contrast to N374/$1 it traded last Friday, indicating a depreciation of N14. However, it appreciated by N5 on the Euro to N412/€1 from N417/€1 and also grew by N5 against the Pound to sell at N475/£1 in contrast to N480/£1.

At the Investors and Exporters (I&E) window, the Naira recorded a whopping 2.35 percent depreciation equivalent to N8.75 against the greenback, closing at N380.75/$1 compared with N372/$1 it quoted at the previous session.

During the session, transactions on the window reduced significantly by 88 percent or $439.49 million to $61.54 million from $501.03 million recorded on Friday.

At the parallel market, the Naira depreciated against the American Dollar by N23 to trade at N403/$1 in contrast to N380/$1. It was weakened by N10 against the Pound to close at N485/£1 versus N475/£1 and gained N1 against the Euro to N414/€1 from N415/€1.