Adedapo Adesanya
By Adedapo Adesanya
It was not a good outing for the Naira at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Monday, April 27, 2020.
The value of the local currency, despite lower demand for the United States Dollar at the market window yesterday, still deteriorated.
The domestic currency lost N3.25 or 0.85 percent against the American currency on Monday to sell at N386.25/$1 in contrast to N383/$1 it traded last Friday, which was the last trading session.
The Nigerian currency had been battling with issues lately at the market due to scarcity of FX, putting it under pressure.
But yesterday, there was a lower demand for the greenback at the I&E window, a platform where foreign investors purchase Dollar in Nigeria.
During the session, the value of transactions recorded at the investors’ segment declined by 17 percent or $10.64 million to $51.81 million from the previous session’s $62.45 million, according to data obtained by Business Post from the FMDQ Securities Exchange.
However, the official exchange rate of the Naira to the Dollar at the Central Bank of Nigeria (CBN) window remained at N361/$1.
At the parallel market, the domestic currency also traded flat against the US Dollar N450/$1. But against the Pound, it depreciated by N10 to close at N510/£1 compared with N500/£1 it was sold last Friday. The local currency also lost N10 against the Euro to trade at N450/€1 in contrast to the previous rate of N440/€1.
At the Bureau De Change (BDC) segment, the domestic currency traded flat against the Dollar in Lagos at N452/$1. It also remained unchanged against the British currency and the Euro at N510/£1 and N460/€1 respectively.
In Abuja, the local currency exchange rate with the American currency remained flat at N415/$1 on Monday. It also did not change against the Pound at N490/£1 and against the Euro at N440/€1.
At the Kano BDC market yesterday, the Naira/Dollar exchange rate remained at N415/$1. The Nigerian currency also traded flat against the Pound Sterling and the Euro at N490/£1 and N440/€1 respectively.
In Port Harcourt, a single Dollar was exchanged with the Naira by BDC operators on Monday at N419/$1, the same rate it was traded at the previous session. The Pound remained at N487/£1, while the Euro traded flat at N430/€1.
