By Adedapo Adesanya
The Naira recorded various outcomes against the US Dollar across the different segments of the foreign exchange (forex) market on Tuesday, February 4, 2020.
The local currency further depreciated yesterday at the Investors and Exporters (I&E) segment by 26 Kobo equivalent to 0.07 percent against the American currency to sell at N364.43/$1 in contrast to N364.17/$1 it traded at the window on Monday.
This followed the higher demand for forex at the market as reflected in the market turnover for the day, which rose 360 percent rise or $461.03 million to $589.06 million from the previous session’s $128.03 million.
At the Bureaux De Change (BDCs) segment in the commercial hub of Lagos, the Naira dropped 30 kobo to close at N358.30k to a dollar compared to N358 per dollar it traded on Monday. The local currency also depreciated against the Euro at the same location by N1 to close at N393/€1 compared to N394/€1 it traded on the first day of the week. However, the Naira saw a N1 gain against the British pound as it was sold at N474/£1 versus the previous day’s N475/£1.
At the Abuja market, BDC traders traded the local currency at N357.80k per dollar in contrast to N358/$1 it traded previously, indicating a 20 kobo loss. However, the local currency gained N1 against the pound to quote at N476 to a single Pound in contrast to N477 per Pound it recorded previously, while against the Euro, the domestic currency appreciated by N1.50k to trade at N396/€1 versus Monday’s N397.50k/€1.
At the Port Harcourt BDC market, the local currency gained 50 kobo on the US Dollar to sell at N358/$1 compared with N358.50/$1 it traded at the previous session, while it appreciated by N1 on the Euro to close at N397/€1 compared to N398/€1. However, the Nigerian currency fell by N7 against the pound sterling to close at N475/£1 in contrast to N468/£1 recorded previously.
In Kano, the BDC operators exchanged the Naira at N358.50k to one Dollar, different from N358/$1 it was exchanged on Monday, indicating a 50 kobo depreciation. However, the local currency remained flat against both the pound and the Euro at the same market at N475/£1 and 399/€1 respectively.
At the parallel market, the domestic currency remained unchanged for the third consecutive session against the major currencies at the segment. The Naira closed flat at N360 against the Dollar, N476 against the British Pound Sterling and N397 against the Euro.
At the official window of the Central Bank of Nigeria (CBN), which is also known as the interbank segment, the local currency traded flat against the Dollar at N307.
