Naira Loses 0.26% to N380/$1 at Interbank Forex Segment

By Adedapo Adesanya

The exchange rate of the Naira to the Dollar at the interbank segment of the foreign exchange (forex) market slid on Tuesday by N1 or 0.26 per cent to N380/$1 from N379/$1.

At the previous trading session, the local currency was exchanged against the greenback at N379/$1, according to data from FMDQ Securities Exchange.

Business Post reports that this was the biggest loss the Nigerian currency has suffered since the second devaluation of the currency this year in July by the Central Bank of Nigeria (CBN).

At another segment of the FX market, the Bureaux De Change (BDC), the Naira, according to data obtained from the Association of Bureaux De Change Operators of Nigeria (ABCON), depreciated by N5 against the Dollar in Abuja to N464/$1 compared with the previous rate, N459/$1, but closed flat against the Pound and Euro at N600/£1 and N540/€1 respectively.

However, in Lagos, the domestic currency appreciated against the American currency by N3 to trade at N455/$1 versus N458/$1 it traded on Monday. It also appreciated against the British currency by N2 to sell for N595/£1 in contrast to the previous N597/£1 but closed flat against the Euro at N538/€1.

In Kano, the local currency traded flat against the Dollar, Pound and Euro on Tuesday at N459/$1, N590/£1 and N545/€1 respectively and in Port Harcourt, the value of the Naira to the Dollar and Pound remained unchanged at N457/$1 and N593/£1 respectively, while it appreciated against the Euro by N1 to trade at N538/€1 versus the previous day’s rate of N539/€1.

At the black market yesterday, the Naira/Dollar exchange rate remained unchanged at N458/$1 but depreciated against the Pound by N2 to N597/£1 from the preceding session’s N595/£1 and closed flat against the Euro at N540/€1.

At the Investors and Exporters (I&E) market, the Nigerian currency maintained its previous day’s exchange rate against the Dollar at N386/$1 despite the 60.7 per cent or $22 million rise in the demand for forex at the market segment to $58.24 million from $36.24 million.