By Adedapo Adesanya
The consecutive gains recorded by the Naira against the Dollar at the Investors and Exporters (I&E) segment of the foreign exchange on Monday and Tuesday, were upturned on Wednesday, March 18 by 0.12 percent.
The domestic currency depreciated by 45 kobo against the American currency yesterday to sell at N368.02/$1 in contrast to N367.57/$1 it was traded at the segment on Tuesday.
This loss of value by the local currency was caused by the higher demand for forex by customers, resulting in the $982.80 million worth of transactions recorded at the I&E window during the session, compared with the previous session’s $143.33 billion. This showed that the value of transactions rose by 586 percent or $839.47 million.
At the Bureaux De Change (BDC) segment of the foreign exchange market, the Naira appreciated by 50 kobo at the Lagos BDC market, closing at N376/$1 in contrast to N376.50/$1 it traded previously. However, it closed flat against the British Pound and Euro at N490/£1 and N415/€1 respectively.
In Abuja, the local currency gained N1 against the US Dollar to settle at N374/$1 compared with N375/$1 it traded on Tuesday. Against the Pound, the Naira gained N11 against the Dollar to N479/£1 from N490/£1 and posted a N5 growth against the Euro at N410/€1 from N415/€1.
At the Port Harcourt BDC market, the Naira appreciated by N3.50 against the Dollar at N372/$1 in contrast to N376.50/$1 it was sold on Tuesday. It also appreciated by N4 against the Pound Sterling to N486/£1 from N490/£1, but traded flat against the Euro at N415/€1.
At the Kano BDC market, the local currency closed flat against the Dollar, Pound Sterling and the Euro at N369/$1, N480/£1 and 417/€1 respectively.
At the parallel market, the domestic currency remained unchanged against the US Dollar at N380/$1. It also traded flat against the British currency and the Euro on Wednesday at N490/£1 and N415/€1 respectively.
At the interbank segment of the market, the local currency traded flat at the midweek session at N307/$1.
