Naira Makes 17 Kobo Gain to N385.83/$1 at I&E

devalue naira
Image Credit: Jean Chung/Bloomberg

By Adedapo Adesanya

It was a positive outcome for the Naira on Thursday at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market as it appreciated by 17 kobo or 0.04 per cent to close at N385.83/$1 from N386/$1.

This happened despite a rise in the demand for forex at the session as transactions worth $41.48 million were carried out at the window compared with $21.55 million of the previous session, indicating a 92.5 per cent or $19.93 million increase.

However, Bureaux de Change (BDC) window, data obtained by Business Post from the Association of Bureau de Change Operators of Nigeria (ABCON) showed that in Abuja, the local currency dropped N1.50 against the greenback to close at N473.50/$1 compared to N472/$1 it closed at the previous session.

It also dropped N3 against the Pound to close at N603/£1 from the previous rate of N600/£1 and then slid down by N15 on the Euro to sell at N555/€1 versus N540/€1.

But at the Port Harcourt BDC market, the domestic currency recorded a gain of 50 kobo against the US currency to trade at N472/$1 in contrast to N472.50/$1 it quoted on Thursday and against the Pound, it lost N1 to finish at N601/£1 compared to the previous rate of N600/£1, while against the Euro, it appreciated by N1 to close at N542/€1 versus N543/€1.

Meanwhile, at the Lagos market, the Naira closed flat at N473/$1 for the third consecutive day. It also remained unchanged against the Pound and Euro at N605/£1 and N550/€1 respectively.

In Kano, the local currency exchange rate against the Dollar remained unchanged at N472.50/$1 same way it closed flat against the Pound at N575/£1 and flat on the Euro at N540/€1.

The interbank segment rate for the Naira/Dollar remained static at the close of transactions on Thursday at N381/$1.

It was a similar scenario at the black market, where the Nigerian currency remained flat against its American counterpart at N475/$1. The Naira also did not record any movement against the Pound and Euro yesterday, closing at N605/£1 and N547/€1 respectively.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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