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 Monday, March 9, 2020.
According to data sourced by Business Post from the FMDQ Foreign Exchange portal, the local currency closed the day dropping 46 kobo or 0.13 percent to N366.71/$1 after appreciating to N366.25/$1 last Friday.
However, the transaction value at the market segment reduced by 42.34 percent or $146.60 million to $199.61 million from $346.21 million/
At the interbank market, the official exchange rate of the Central Bank of Nigeria (CBN) against the American currency remained N307/$1.
Also, at the parallel market, the domestic currency ended the first trading session of the week flat against the greenback, trading at N360/$1. It further remained unchanged against the Pound Sterling at N472/£1 and against the Euro at N398/€1.
At the Bureaux De Change (BDCs) segment, the Nigerian currency lost 10 kobo at the Lagos BDC market to close at N358.10/$1 compared with N358/$1 it traded previously on Friday. The Naira depreciated by N2 against the British currency to close at N471/£1 in contrast to N469/€1 it was sold last Friday and shed a whopping N10 against the Euro to close at N405/€1 versus N395/€1 it ended at the last session.
According data obtained by Business Post from the Association of Bureaux De Change Operators of Nigeria (ABCON) on Monday, the local currency dropped 20 kobo against the greenback at the Abuja market to trade at N358/$1 after closing previously at N357.80/$1. Against the pound, the Naira lost N20 to close at N490/£1 compared with N470/£1 it recorded last Friday, but closed flat against the Euro at N395/£1.
At the Port Harcourt BDC market, the domestic currency maintained its stability against the US Dollar at N358/$1, against the Pound at N475/£1 and against the Euro at N397/€1.
In Kano, the exchange rate of the Naira to the Dollar remained at N358/$1. The Nigerian currency further maintained its previous rates against the Pound and Euro at N472/£1 and N395/€1 respectively.
