Value of Naira to Dollar Worsens to N476.60/$1 at Lagos BDC Market
By Adedapo Adesanya
The value of the Nigerian Naira to the Dollar at the Bureaux De Change (BDC) segment of the foreign exchange market in Lagos depreciated on Wednesday, August 26, 2020.
According to data fetched by Business Post from the Association of Bureaux De Change Operators of Nigeria (ABCON) yesterday, the local currency lost N1.60 against the US Dollar to trade at N476.60/$1 compared with the previous value of N475/$1.
Also, against the Pound, the Naira depreciated by N1 to close at N618/£1 versus N617/£1 of the prior session but gained N1 on the Euro to close at N552/€1 versus N553/€1.
At the Port Harcourt BDC market, the Naira lost 50 kobo against the greenback to close at N475.50/$1 compared to N475/$1 while against the Pound, it dropped N3 to close at N614/£1 as against Tuesday’s N611/£1 and fell N5 by against the Euro to sell for N553/€1 versus N548/€1.
At the Abuja BDC market, the Naira closed the day’s session flat against the Dollar, Pound and the Euro at N475/$1, N620/£1 and N555/€1 respectively and the same scenario played out at the Kano BDC market, where the value of the domestic remained unchanged against the Dollar, Pound and Euro at N475/$1, N595/£1 and N548/€1 respectively.
At the Investors and Exporters (I&E) window, the local currency remained stable against the Dollar for the third straight session, selling at N386 per Dollar.
This was boosted by the decline in the demand for forex by customers, who carried out transactions worth $14.47 million at the midweek session, 62.9 per cent or $24.56 million lower than the preceding day’s $39.03 million.
At the interbank window of the forex market, the value of the local currency against the US currency remained at N379 per Dollar.
The stability was also extended to the black market, where the Nigerian Naira was flat against the Dollar at N477/$1. It also traded flat against the Euro at the same market at N552/€1, but lost N1 on the Pound to close at N612/£1 compared to the previous closing rate of N611/£1.