Adedapo Adesanya
By Adedapo Adesanya
The Naira depreciated against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Monday, February 3, 2020.
At the trading day, the value of the local currency went down against the American Dollar by 0.05 percent or 20 kobo to sell at N364.17/$1 in contrast to N363.97/$1 it was exchanged at the same window last Friday.
Data obtained by Business Post from the FMDQ Securities Exchange revealed that the turnover at the investors window yesterday sharply declined by 86 percent or $779.99 million to $128.03 million from $908.02 million recorded at the previous session.
At the interbank segment of the foreign exchange market, the Naira closed flat against the greenback at N307/$1, while at the parallel market, the domestic currency remained unchanged at N360/$1 yesterday.
Also, at the black market, the Naira traded flat against the Euro to close at N397/€1 and remained static against the British Pound Sterling at N476/£1 at the close of transactions.
At the Bureaux De Change (BDCs) segment in Lagos, the Naira closed flat at N358 to a dollar, but depreciated by N1 against the pound to close at N475/£1 from N474/£1 at the previous session, while it gained N1 against the Euro to trade at N392/€1 versus N393/€1 last Friday.
It was observed that there was no change to the Naira/USD exchange rate at the Abuja BDC market on Monday as it closed at N358/$1. However, the Naira dropped N2 on the Pound to quote at N477/£1 compared to N475/£1 it was previously, while the Nigerian currency lost N1.50 against the Euro to sell at N397.50/€1 in contrast to N396/€1 it was exchanged at the previous trading day.
In Port Harcourt, the local currency shed 50 kobo against the greenback at the BDC market to trade at N358.50/$1 compared with N358/$1 it was sold at the last session, while the Naira gained N4 that it lost last Friday against the Pound to close at N468/£1 from N472/£1, with the Euro ending the session flat at N398/€1.
At the Kano BDC market, the Naira closed flat at N358/$1 on Monday, just as it remained unchanged against the Euro at N399/€1 and stable against the pound sterling at N475/£1.
