Value of Naira Falls Further to N476/$1 at Abuja BDC Market

By Adedapo Adesanya

The Naira weakened further at the Bureaux De Change (BDC) segment of the foreign exchange market on Wednesday, July 29.

Quotes from the Association of Bureaux De Change Operators of Nigeria (ABCON) showed that the Nigerian currency shed N1.50 against the American currency in Lagos to close at N473/$1 versus the previous rate of N471.50/$1.

Against the Pound, the Naira made no movement as closed at N589/£1 but lost N4 on the Euro to close at N543/€1 versus N539/€1.

At the Abuja BDC market, the Naira lost N1 against the Dollar to sell at N476/$1 compared to N475/$1 on Tuesday, while against the Pound, it dropped N55 to close at N590/£1 from N535/£1 and fell by N85 on the Euro at N550/€1 from N465/€1.

At the Port Harcourt BDC market, the Naira closed the day’s session 50 kobo weaker against the Dollar at N472.50/$1 from N472/$1.

On the Pound, it shed N4 to close at N585/£1 versus N581/£1 and lost N1 against the Euro to close at N537/€1 as against N536/€1 it ended the preceding session.

Likewise, at the Kano BDC market, the Naira lost N1.50 against the US Dollar to settle at N473.5/$1 compared with the Tuesday’s rate of N472/$1. However, it closed flat against the Pound and Euro at N575/£1 and N540/€1 respectively.

It was a different outcome at the Investors and Exporters (I&E) window as the Naira appreciated by 0.06 per cent or 25 kobo at the midweek session. The domestic currency was sold at N389.25/$1 in contrast to Tuesday’s N389.50/$1.

This happened amidst a slight rise in the demand for forex at the segment by 52.1 per cent or $20.48 million.

Trades worth $18.83 million were recorded yesterday, according to data from the FMDQ Exchange, compared with the previous session’s $39.31 million.

At the interbank window of the forex market, the Central Bank of Nigeria (CBN) sold the Dollar at N381, the same rate of the previous day.

On the black market, the local currency closed flat against the Dollar at N475/$1. It also traded flat against the Pound at N585/£1, but lost N5 on the Euro to close at N540/€1 compared to the previous closing price of N535/€1.