Naira Trades at N381/$1 at Interbank Forex Segment
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) auctioned the Dollar at N381 at the interbank segment of the foreign exchange (forex) market on Tuesday.
This indicated a depreciation by 5.54 percent or N20 when compared with the rate it traded on Monday, N361/$1, at the same segment.
This came as the CBN raised the rate at the Secondary Market Intervention Sales (SMIS), a window where importers access foreign currencies, from N360/$1 to N380/$1 with an instruction to bidders to comply accordingly.
Business Post also gathered from the FMDQ portal that the exchange rate of the naira/dollar remained at N380.50/$1 at the Investors and Exporters (I&E) market.
At the market segment on Tuesday, it was observed that the demand for the American dollar rose by 918.4 percent or $93.22 million to $103.37 million from $10.15 million.
At another segment of the foreign exchange market, the Bureau de Change (BDC), operators in Lagos sold the dollar for N459/$1 in contrast to the previous day’s N458.2/$1, indicating that the local currency lost 80 kobo against the greenback.
Against the Pound, the local currency lost N1 against the Dollar at the same location to sell at N567/£1 versus N566/$1 it sold previously, while on the Euro, it lost N2 to trade at N502/€1 in contrast to the previous N500/€1.
In Abuja, the local currency gained N2 against the American currency to close at N457/$1 compared to N459/$1. Against the Pound, it appreciated by N3 to sell at N547/£1 versus N550/£1 and gained by N8 against the Euro to N492/€1 from N500/€1.
At the Port Harcourt BDC market, the domestic currency dropped 50 kobo against the dollar to sell at N457.50/$1 in contrast to the previous N457/$1. Against the Pound, the Naira rose by N2 to close at N550/£1 compared with N552/£1 and against the Euro, it depreciated by N2 to close at N497/€1 versus N495/€1.
In Kano, the local currency gained 50 kobo on the Dollar at N457/$1 versus N457.50/$1, while it traded flat against the Pound and Euro at N540/£1 and N490/€1 respectively.
At the black market, operators traded the local currency at N461/$1, the same rate it was traded at the previous session rate on Monday.
At the same segment, the domestic currency shed N3 against the Pound at N558/£1 versus N555/$1, while against the Euro, it retained its previous rate of N502/€1.