By Adedapo Adesanya
Low demand for foreign exchange (forex) spurred by current global restrictions on travels and movements has continued to affect transactions at the Investors and Exporters (I&E) segment of the market.
Yesterday, the turnover at the market segment dropped 68.4 percent or $54.66 million to $25.28 million from $79.94 million.
This kept the local currency stable against the greenback at the FX window at N385.55/$1, the same rate it was traded at the previous session.
At the interbank segment of the forex market, the domestic currency further traded flat against the American currency at midweek session at N361/$1.
However, at Bureaux De Change (BDC) segment of the market, the local currency lost 50 kobo against the United States Dollar in Lagos, selling at N414/$1 compared with N413.50/$1 it traded on Tuesday. The Naira then remained unchanged against the Euro and Pound at N420/€1 and N500/£1 respectively.
In Abuja, the exchange rate of the local currency against the Dollar, Pound and Euro was flat at N411/$1, N500/£1 and N413/€1 respectively.
At the Kano BDC market, the Naira, Pound and Euro traded flat yesterday at N410/$1, N480/£1, and N417/€1 respectively.
At the Port Harcourt BDC market, the Naira and the Pound Sterling closed flat at N409/$1 and N495/£1 respecitvely, while it depreciated by N1 on the Euro to N414/€1 from N413/€1.
A look at the parallel market at the midweek session showed that the Nigerian currency traded flat against its American counterpart at N415/$1. It also remained unchanged against the Euro at N420/€1, but lost N10 against the Pound to sell at N500/£1 in contrast to N490/£1 it was sold on Tuesday.
Dipo Olowookere