Naira Gains N30 Against Euro at Black Market
By Adedapo Adesanya
The Naira appreciated against the British Pound Sterling and the Euro at the black market segment of the foreign exchange market on Thursday, September 3.
The local currency gained N10 on the Pound to close at N570/£1 versus N580/£1 recorded the day before, while on the Euro, the Naira appreciated by N30 to settle at N495/€1 in contrast to the preceding day’s N525/€1 and then closed flat against the US Dollar at N440/$1.
At the Investors and Exporters (I&E) market on Thursday, data from FMDQ Securities Exchange showed that the Naira depreciated against the American currency by 0.06 per cent or 25 kobo to close at N386.25/$1 compared with N386/$1 it ended on Wednesday.
This can be attributed to the rise in the demand for Dollar by customers at the window yesterday. The window recorded a significant 139.7 per cent or $53.72 million increase in the value of transactions recorded in the session. Trades worth $92.18 million happened at the I&E segment on Thursday compared with the $38.46 million recorded on Wednesday.
At the interbank segment of the forex market, the Central Bank of Nigeria (CBN) still auctioned the greenback to commercial banks at N379 yesterday.
At the Bureaux De Change (BDCs) window, the local currency gained N1 against the Dollar in Lagos to trade at N439/$1 compared with the previous day’s N440/$1. Also, the Naira was strengthened against the Pound by N5 to quote at N580/£1 versus N585/£1 it previously traded and gained N48 against the Euro to close at N495/€ in contrast to N543/€1 on Wednesday.
However, at the Abuja BDC market, the Naira depreciated against the US Dollar exchange by 11 to N446/$1 from N435/$1 and lost N3 on the Pound to N610/£1 from N607/£1 but gained N4 against the Euro to sell for N536/€1 as against N540/€1.
In Port Harcourt, the local currency lost N1 against the US Dollar to N436/$1 from N435/$1 but gained N3 against the Pound to close at N590/£1 versus N593/£1 and remained unchanged against the Euro at N500/€1.
At the Kano BDC market, the exchange rates of the Naira to the Dollar, Pound and Euro traded flat on Thursday at N463/$1, N610/£1 and N540/€1.