Naira Maintains Stability at Interbank Segment

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By Adedapo Adesanya

The value of the Naira to the United States Dollar remained stable at the interbank segment of the foreign exchange (forex) market on Thursday, trading at N361/$1.

At the Investors and Exporters (I&E) window, the local currency performed stronger than the American currency with an appreciation of N1.13 kobo or 0.31 percent, closing at N385.75/$1 in contrast to N386.94/$1 it ended at the segment on Wednesday.

According to data from the FMDQ, the strengthening of the Nigerian currency was boosted by the lower demand for forex by customers. At the close of the trading session, investors exchanged a total of $12.45 million, 80 percent or $49.83 million lower than the $62.28 million achieved at the midweek session.

At the parallel market yesterday, the Nigerian currency remained stable against its American counterpart, selling at N450/$1. It also retained the same rate against the Euro at N485/€1, but depreciated against the British Pound by N2 to close at N550/£1 versus N548/£1 it closed on Wednesday.

At the Bureaux De Change (BDCs) segment of the market, the Naira depreciated by N1 against the Dollar in Lagos to close at N448/$1 compared with N447/$1 it traded previously. However, it appreciated by N2 against the British currency to close at N550/£1 compared with N548/£1 of the preceding day, while it closed flat against the Euro at N478/€1.

In Abuja, the local currency weakened against the US Dollar by N1 to N447/$1 from N448/$1 and lost N3 against the Pound to N550/£1 from N547/£1, but traded flat against the Euro at N480/€1.

At the Port Harcourt BDC market, the Naira/Dollar exchange rate remained unchanged at N446/$1, but depreciated by N2 on the Pound to N550/£1 from N548/£1, and closed flat against the Euro at N487/€1.

At the Kano BDC market, the local currency retained its stability against the American Dollar at N446/$1. It traded flat against the Pound at N540/£1 and remained unchanged on the Euro at N480/€1.

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