Naira Remains Stable at Most FX Market Segments

April 3, 2020
FX Futures Market

By Adedapo Adesanya

At the end of transactions on Thursday, April 2, 2020, the Naira pulled a 0.66 percent or N2.55 gain against the US Dollar at the investors and exporters (I&E) segment of the foreign exchange market.

At the segment, the domestic currency closed at N383.00/$1 in contrast to N385.55/$1 it traded on Wednesday. This was helped by the continuous drop in the demand for forex at the window.

During yesterday’s trading session, the turnover further declined by 59 percent or $14.83 million to $10.45 million from $25.28 million.

However, at the other segments, the Naira maintained stability against the American Dollar, closing at their previous rates on Thursday.

At the the Bureaux De Change (BDCs) segment, the Naira closed flat against Dollar at the Lagos BDC market at N414/$1. It also traded flat against the Pound and the Euro at N500/£1 and N420/€1 respectively.

In Abuja, BDC traders sold the domestic currency against the US Dollar at N412/41 in contrast to N411/$1 it traded previously, indicating a N1 depreciation. However, it appreciated by N1 against the British currency to sell at N499/£1 versus N500/£1 of the previous session, while it lost N5 against the Euro to trade at N418/€1 compared with N413/€1 it previously traded.

At the Kano BDC market, the Naira depreciated against the greenback by N5 to close at N415/$1 as against N410/$1 it was exchanged on Wednesday. It further lost N10 against the Pound to quote at N490/£1 versus 480/£1 on Wednesday and shed N23 against the Euro to exchange at N440/€1 in contrast to N417/€1 it was sold on Wednesday at the segment.

In Port Harcourt, BDC operators sold the Dollar, Pound and the Euro at their previous rates of N409/$1, N495/£1 and N414/€1 respectively.

Business Post reports that the local currency was flat against the three major foreign currencies at the parallel market yesterday, closing at N415/$1, N500/£1 and N420/€1.

Also, at the interbank segment of the market on Thursday, the local currency traded flat against the United States currency at N361/$1.

Adedapo Adesanya

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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