Traders Exchange Dollar for N472 at Abuja BDC Market

By Adedapo Adesanya

The Naira was weakened further at the Bureaux De Change (BDC) segment of the foreign exchange (forex) market on Thursday, July 23.

Data obtained by Business Post from the Association of Bureaux De Change Operators of Nigeria (ABCON) showed that in Abuja, the Naira lost N4 against the Dollar to sell at N472/$1 compared to N468/$1 of the previous day, while against the Pound, it lost N4 to close at N580/£1 versus N576/£1 and depreciated by N3 on the Euro to exchange at N530/€1 in contrast to Wednesday’s rate of N527/€1.

In Lagos, the BDC operators traded the Dollar for N471 compared with the previous day’s N470, indicating a weakening of the local currency by N1. Against the Pound, the Naira also lost N1 to sell at N581/£1 as against N580/£1 it went for at the midweek session and lost 50 kobo on the Euro to close at N527.50/€1 versus N527/€1.

At the Port Harcourt BDC market, the Naira lost 50 kobo against the Dollar to sell at N470.50/$1 versus N470/$1, but closed flat on the Pound at N577/£1 and fell by N3 against the Euro to close at N530/€1 as against N527/€1.

Likewise, at the Kano BDCs market, the Naira lost N3 against the US Dollar to sell at N471/$1 in contrast to N468/$1, but closed flat against the Pound and Euro at N570/£1 and N520/€1 respectively.

It was a different outcome at the Investors and Exporters (I&E) window as the Naira appreciated by 0.04 per cent or 17 kobo on Thursday to trade at N388/$1 compared with the previous session’s N388.17/$1.

This happened despite a slight rise in the demand for forex at the segment.

According to the FMDQ, the trading value increased to $12.61 million from $12.17 million by 3.6 per cent or $440,000.

At close of transactions yesterday, the official exchange rate of the Naira to the Dollar remained flat at N381/$1 at the interbank window.

At the black market, the local currency also closed flat against the Dollar at N472/$1 and remained flat against the Euro at N530/€1. However, against the Pound, the domestic currency depreciated by N4 to close at N582/£1 compared to the previous N578/£1.