Naira Remains Stable at Black Market, Interbank
By Adedapo Adesanya
The Naira maintained stability against the United States Dollar at both the interbank and parallel segments of the foreign exchange (forex) yesterday.
At the official window of the Central Bank of Nigeria (CBN), which is also the interbank segment of the market, the local currency traded flat at N306.90/$1.
Similarly, the domestic currency closed flat against the greenback at the black market, trading at N360 per Dollar. It also remained unchanged against the British Pound Sterling at N475/£1 and against the Euro at N396/€1.
However, it depreciated against the Dollar by 34 kobo or 0.09 percent at the Investors and Exporters (I&E) segment on Tuesday to sell at N364.90/$1 in contrast to N364.56/$1 it was quoted on Monday.
This followed the spike in the value of transactions at the market segment by 32 percent rise or $118.19 million to $484.38 million yesterday from the previous session’s $366.19 million.
At the Bureaux De Change (BDCs) segment in the commercial hub of Lagos, the Naira dropped 50 kobo to close at N358.50 to a dollar compared with N358 per dollar it traded on Monday.
The local currency also depreciated in Lagos against the Euro by N1 to close at N395/€1 compared with N394/€1 it went for a day earlier, while it ended flat against the British pound at N474/£1.
At the Abuja market, BDC traders traded the local currency at N359 per dollar in contrast to the previous day’s N358/$1, indicating a decline by N1.
Against the pound, the Naira remained unchanged at N475 per pound, while it lost 50 kobo against the Euro to trade N396/€1 versus Monday’s value, N395.50/€1.
In Port Harcourt authorised BDC operators sold the Naira at its previous rates against the Dollar at N358/$1, the Pound at N475/£1, and the Euro N397/€1.
It was similar scenario at the Kano BDC market, where the Naira remained static against the Dollar, Pound Sterling and Euro at N358/$1, N472/£1 and N395/€1 respectively.