Adedapo Adesanya
By Adedapo Adesanya
After appreciating by as much as N20 to N430/$1 this week, the Naira fell by N7 against the American currency at the black market segment of the foreign exchange market on Wednesday, May 6 to trade at N437/$1.
At the same segment, the local currency appreciated by N5 against the British pound sterling to close at N520/£1 in contrast to N525/£1. In the same vein, the Naira depreciated by N15 against the Euro to close at N450/£1 compared with N435/£1 it was sold at the previous session.
At the Investors and Exporters (I&E) segment of the market, the domestic currency appreciated by 0.23 percent or N2.80 against the greenback to close at N384.50/$1 as against the N387.30/$1 it previously quoted.
The Nigerian Naira was fortified against the United States Dollar at the segment at the midweek session despite a rise in the demand for forex.
According to data gathered by Business Post from the FMDQ Exchange showed that transactions worth $19.26 million were carried out by investors, 3.7 percent or $680,000 higher than $18.58 million exchanged on Tuesday.
At the interbank segment of the forex market, the Central Bank of Nigeria (CBN) sold the Dollar to banks at N361, the same rate of the previous session.
Meanwhile, at the Bureaux De Change (BDC) window of the forex market, despite the resumption of sales of Dollar to BDC operators by the CBN, the Naira depreciated against the American currency yesterday by N5 in Lagos.
The domestic currency traded against the Dollar at N440/$1 compared with N435/$1, while against the British Pound, the domestic currency lost N5 to close at N525/£1 compared with N520/£1 and against the Euro, it gained N2 to trade at N460/€1 in contrast to N462/€1 of the previous session.
In Abuja, the Naira closed flat against the Dollar at N457/$1. It also traded flat against the Pound and the Euro at N498/£1 and N440/€1 respectively.
At the Port Harcourt BDC market, the Naira closed flat against the greenback at N457/$1 and it further remained unchanged against the Pound and the Euro at the same market at N508/£1 and N460/€1 respectively.
In Kano, the local currency exchange rate with the Dollar also closed flat at N459/$1. It was also static against the Pound and Euro at N498/£1, and N440/€1 respectively.
