Naira Sheds 0.22% Against Dollar at I&E

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By Adedapo Adesanya

The Naira dropped 83 kobo equivalent to 0.22 percent on the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange market yesterday, closing at N386.33/$1 in contrast to N385.50/$1 it ended at the segment on Tuesday.

At the close of the midweek session, investors held transactions worth $24.64 million, less than the previous session’s $34.35 million by 28 percent or $6.88 million.

At the parallel market on Wednesday, the Nigerian currency remained stable against the American currency at N445/$1. It was a similar situation against the British Pound Sterling as it closed at N540/£1.

However, the local currency appreciated against the Euro by N3 to close the midweek session at N467/€1 versus N470/€1 it closed at the Tuesday session.

At the Bureaux De Change (BDCs) segment of the foreign exchange market, the Naira depreciated by N1 against the Dollar at the Lagos BDC market to close at N444/$1 compared with N443/$1 it traded previously. However, it appreciated by N2 against the British currency to close at N543/£1 versus N545/£1, while it closed flat against the Euro at N475/€1.

In Abuja, the local currency weakened against the US Dollar by N1 to N441/$1 from N440/$1 and lost N3 against the Pound to N535/£1 from N532/£1, but wrapped remained unchanged on the Euro at N465/€1.

The Naira depreciated against the US Dollar at the Port Harcourt market by N1 to close at N441/$1 in contrast to N440/$1 it sold on Tuesday and depreciated by N2 on the Pound to N527/£1 from N525/£1, while against the Euro, it fell by N1 to N466/€1 from N465/€1.

At the Kano BDC market, the local currency traded flat against the Dollar, Pound and Euro at the midweek session at N437/$1, N525/£1, and N470/€1 respectively.

At the interbank segment of the market yesterday, the Naira/Dollar exchange rate remained at N361/$1.

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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