Naira Sheds 0.65% Against Dollar at Parallel Market

Naira parallel market

By Adedapo Adesanya

The Nigerian Naira closed the week on a negative note on Friday at the parallel market after losing 0.65 per cent or N3 against the United States Dollar.

According to data obtained by Business Post, the local currency was traded at the segment of the foreign exchange market yesterday at N465/$1 as against N462/$1 it exchanged on Thursday.

It was observed that the domestic currency also performed poorly against the British Pound Sterling at the black market, losing N5 to trade at N600/£1 in contrast to N595/£1 it was sold the previous session and equally depreciated by N5 against the Euro to quote at N548/€1 compared with the previous day’s N545/€1.

However, at the Bureaux De Change (BDC) window, the Naira gained N1 on the Dollar in Lagos to sell for N464/$1 versus N465/$1 of the preceding day. The domestic currency also gained N3 against the Pound to trade at N603/£1 versus the previously traded rate of N606/£1 but depreciated by N10 against the Euro to N555/€1 from N545/€1.

At the nation’s capital, the value of the Naira at the BDC market was boosted by N1 against the US Dollar to N464/$1 from N465/$1 and against the Euro, it traded flat at N545/€1.

At the Port Harcourt BDC market, the domestic currency closed flat against the Dollar and the Pound at N464/$1 and N595/£1 respectively but appreciated against the Euro by N3 to N544/€1 from N547/€1.

In Kano yesterday, the local currency lost N4 against the greenback to sell for N465/$1 in contrast to N461/$1 of the previous session but gained N5 on the Pound to trade at N600/£1 compared with N605/£1 and depreciated against the Euro by N12 to N547/€1 from N535/€1 of Thursday.

For the fourth straight session, the value of the local currency against the Dollar remained unchanged at the Investors and Exporters (I&E) window on Friday at N386/$1.

During the session, transactions worth $83.35 million were executed by traders, $4.43 million or 5.04 per cent lower than the $87.78 million achieved on Thursday.

At the interbank segment of the forex market, the value of the Naira against the greenback further remained static at N379/$1 at the last trading session of the week.

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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