Value of Naira Appreciates to N306.95/$ at Interbank Segment

February 6, 2020
devalue naira
Image Credit: Jean Chung/Bloomberg

By Adedapo Adesanya 

The value of Naira against the United States Dollar appreciated on Wednesday, February 5, 2020 at the interbank segment of the foreign exchange (forex) market.

According to data collated by Business Post, the local currency recorded a marginal gain of 5 kobo or 0.02 percent after remaining flat for over six consecutive sessions to sell at N306.95/$1 in contrast to the previous N307/$1.

At the Bureaux De Change (BDCs) segment of the FX market, the domestic currency appreciated by 10 kobo against the greenback in Lagos to trade at N358.20/$1 compared with N358.30/$1 it traded on Tuesday. Against the British Pound Sterling, the domestic currency appreciated by 50 kobo to N473.50/£1 from N474/£1 and depreciated by N2 against the Euro to N395/€1 from N393/€1.

At the Port Harcourt BDC market, the Nigerian currency remained flat at N358/$1, just as it stayed static against the Pound and the Euro yesterday at N475/£1 and N397/€1 respectively.

In the Nigerian capital city of Abuja, the local currency dropped N1.20k against the greenback at the BDC market to trade at N359/$1 in contrast to N357.80/$1 it ended on Tuesday. It also fell by N1 against the Euro to close at N397/€1 in contrast to N396/€1 it previously traded, while it gained N1 against the Pound to sell at N475/£1 compared with N476/£1 of the previous trading day.

At the Kano BDC market, the Naira ended the session with no changes to the exchange rates against the US Dollar, the Pound, and the Euro at N358.50/$1, N475/£1, and N399/€1 respectively.

It wasn’t a good performance for local currency at the Investors and Exporters (I&E) segment of the market as it depreciated further by 10 kobo equivalent to 0.03 percent against the greenback  to close at N364.53/$1 versus N364.43/$1 it was exchanged on Tuesday.

There was a decline in the market turnover at the midweek session by 70 percent or $413.35 million as only transactions worth $175.71 million were achieved as against $589.06 million a day earlier.

At the parallel market segment, the domestic currency retained its exchange rate at N360/$1 just as it closed flat against the British Pound Sterling and Euro at N476/£1 and N397/€1 respectively.

Adedapo Adesanya

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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