Naira Trades at N450/$1 on Boost in Forex Liquidity

Naira appreciates

By Adedapo Adesanya

The Naira appreciated to N450 against the dollar at the parallel market segment of the foreign exchange (forex) market on Friday, May 29.

This was boosted by the availability of forex in the market, which strengthened the local currency by N3 against the greenback at the domestic. At the previous session, the Nigerian currency had traded at N453/$1.

At the same segment, the domestic currency gained N5 against the Pound to sell at N540/£1 as against N545/£1 it was sold the previous day and also appreciated by the same N5 against the Euro to close at N470/€1 versus the previously traded N475/€1.

It was also a good outcome for the Naira at the Bureaux De Change (BDC) segment of the forex market yesterday as operators in Lagos market sold the Dollar for N446 compared with N452/$1 it was exchanged on Thursday.

Against the Pound, the local currency gained N6 to close at N544/£1 compared to N550/£1 it sold previously, while on the Euro, it gained N2 to trade at N480/€1 in contrast to N482/€1 it transacted at the last session.

In Abuja, the local currency gained N5 against the American currency to close at N445/$1 as against N450/$1 it was traded before Friday. Against the Pound, it appreciated N5 to sell at N535/£1 versus N540/£1 and gained N18 against the Euro to finish at N465/€1 compared with N483/€1 of the preceding session.

At the Port Harcourt BDC market, the domestic currency gained N7 against the Dollar to sell at N441/$1 in contrast to the previous N448/$1. Against the Pound, the Naira was boosted by N25 to close at N525/£1 compared with N550/£1 and against the Euro, it appreciated by N15 to close at N465/€1 versus N480/€1.

Also, at the Kano market, the Nigerian currency gained N12 against the greenback to trade at N445/$1 compared with N457/$1 it sold previously. It also gained N23 against the Pound to trade at N525/£1 as against N558/£1 of the previous session and against the Euro, the Naira gained N15 to close at N465/€1 versus N483/€1.

At the Investors & Exporters (I&E) window, Business Post gathered from the FMDQ Securities Exchange that the exchange rate of the Naira/Dollar remained flat at N386.33/$1.

At the same market segment, it was observed that the demand for the American dollar rose by 399 percent or $125.49 million to $156.78 million and traders were able to meet the demands of their customers as a result of the resumption of Dollar sales to the window by the Central Bank of Nigeria (CBN). across other segments. On Thursday, transactions worth $31.38 million were executed at the investors’ window.

At the interbank window of the market, the official exchange rate of the Naira/Dollar remained at N361/$1 at the close of transactions yesterday.

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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