Value of Naira Falls for 4th Straight Session at Investors’ Segment

By Adedapo Adesanya

The Naira continued its depreciation against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange market, dropping again on Thursday to N366.57/$1.

Business Post‘s analysis showed that this was the fourth straight session that the local currency was falling this week. On Monday (March 2), the rate was at N365.46/$1; Tuesday (March 3) at N366.01/$1; on Wednesday (March 4), it fell to N366.31/$1.

Yesterday, the Naira followed the same trend recorded at previous sessions, depreciating by 0.07 percent equivalent to 26 kobo to close at N366.57/$1. This came as the demand for forex intensified at the market segment.

Data obtained by this newspaper from FMDQ showed that the value of transactions increased by 275 percent equivalent to $536.9 million to $732.40 million from $195.50 million achieved in the previous session.

At the parallel market, the local currency remained unchanged against the American Dollar, closing at N360/$1. However, the Naira appreciated by N1 against the British Pound Sterling to close at N472/£1 on Thursday compared with N473/£1 on Wednesday. But the local currency fell by N3 on the Euro at the black market, selling at N397/€1 in contrast to N394/€1 previously traded.

On the Bureau De Change (BDC) front, the exchange rate of the Naira to the Dollar changed in Lagos, gaining 40 kobo to close at N358.10/$1 versus N358.50k/$1 it was quoted the previous day. The domestic currency also appreciated by N1 against the British pound to N469/£1 from N470/£1, and closed flat against the Euro at N395/€1.

In the capital city of Abuja, BDC operators there sold the Naira at N357.80/$1, the same rate it went for at the midweek session, but gained N1 against the Pound to N470/£1 from N471/$1 and lost N2 on the Euro at N395/€1 in contrast to N393/€1.

At the Kano BDC market, the local currency remained unchanged against the Dollar, Pound and Euro at N358/$1, N472/£1 and N395/€1 respectively.

At the Port Harcourt market, the domestic currency closed flat against the United States Dollar at N358/$1, just as it remained unchanged against the Pound and Euro at N475/£1 and N397/€1 respectively.

At the interbank segment of the foreign exchange market, the Naira further closed flat against the American currency at N307/$1.