Adedapo Adesanya
By Adedapo Adesanya
The Naira depreciated against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange market on Tuesday, April 7.
According to data obtained from the FMDQ Securities Exchange, the local currency dropped N1.83 equivalent to 0.48 percent to close at N384.83/$1 in contrast to N383/$1 that it traded on Monday.
Though the value of transactions increased yesterday, it was still significantly low when compared with the normal daily volume.
The turnover on Tuesday was $30.28 million compared with $15.74 million achieved the previous session, indicating $14.54 million or 92 percent rise.
At the parallel market, the Naira retained its previous exchange rate against the Dollar, selling at N415/$1. It, however, lost N5 on the Euro to N420/€1 from N415/€1 and went down by N5 against the Pound to N505/£1 from N500/£1.
At the Bureaux De Change (BDC) market, data from the Association of Bureaux De Change Operators of Nigeria (ABCON) showed that the Naira traded flat against the US Dollar in Lagos at N414/$1. This trend was maintained against the Pound and Euro to sell at N500/£1 and N420/€1 respectvely.
In Port Harcourt, the local currency remained unchanged against the Dollar and Pound at N403/$1 and N495/£1 respectively, while it appreciated by N81 on the Euro to N419/€1 from N440/€1.
At the Abuja BDC market, the local currency traded flat against the Dollar, Pound and Euro at N410/$1, N500/£1 and N419/€1 respectively.
In Kano, a similar scenario played out as the exchange rate of the Naira to the Dollar, Pound and Euro remained flat at N415/$1, N490/£1 and N440/€1 respectively.
At the interbank segment of the foreign exchange market, the Naira retained its previous exchange rate against the American currency at N361/$1.
