Naira Sustains Impressive Performance at Forex Market

June 2, 2020
naira at forex market

By Adedapo Adesanya

The Naira continued its impressive performance against the US Dollar across the various segments of the foreign exchange (forex) market on Monday, June 1 as the market began to feel liquidity following the return of sales of foreign currencies by the Central Bank of Nigeria (CBN).

The Naira gained N10 against the American currency at the black market of the foreign exchange market to trade at N440/$1 compared to N450/$1 it traded last Friday.

At the same segment, the local currency appreciated by N5 against the British Pound Sterling to quote at N535/£1 in contrast to the previous rate of N540/£1, while against the Euro, the Naira gained N3 to close at N467/£1 versus N470/£1 of the previous session.

At the Investors and Exporters (I&E) window on Monday, the domestic currency appreciated by 0.21 percent or 83 kobo against the greenback to close at N385.50/$1 in contrast to N386.33/$1 it previously traded.

Business Post reports that at the market window, there was a low demand for forex as market participants exchanged $31.40 million yesterday, 80 percent or $125.38 lower than the $156.78 million exchanged at the previous session.

At the Bureaux De Change (BDC) segment of the market, according to data from the Association of Bureaux De Change Operators of Nigeria (ABCON), the Naira gained N6 against the greenback in Lagos to sell at N440/$1 compared to N446/$1 of the previous session, while against the British pound, the domestic currency closed flat at N544/£1. It also traded flat against the Euro at N480/€1.

In Abuja, the Naira appreciated against the Dollar by N6 to quote at N439/$1 in contrast to N445/$1 it traded last Friday. The local currency gained N5 against the Pound to close at N530/£1 versus N535/£1 and gained N30 on the Euro to close at N435/€1 compared to N465/€1.

At the Port Harcourt BDC market, the Naira gained N4 against the US Dollar to close at N437/$1 compared to N441/$1 it traded previously. The domestic currency also gained N10 against the Pound to close at N515/£1 as against the previously quoted N525/£1 and against the Euro, it lost N3 to close at N468/€1 compared to N465/€1.

In Kano, the local currency gained N8 against the Dollar to close at N437/$1 versus N445/$1 it was sold last Friday and against the Pound, it was fortified by N10 to N525/£1 from N535/£1 and on the Euro, the Naira dropped N5 to N470/€1 from N465/€1.

At the interbank segment of the forex market on Monday, the exchange rate of the Naira/Dollar still remained 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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