Naira Appreciates Against Major Foreign Currencies at Black Market - BUSINESS POST

JANUARY 28, 2020

By Adedapo Adesanya

At the end of transactions on Monday, January 27, 20200, the Naira pulled a stronger performance against major currencies at the parallel market segment of the foreign exchange market.

Business Post reports that the Naira gained against the US Dollar, the British Pound Sterling, and the Euro at the black market during the session.

The local currency pulled another N1 gain against the dollar at the close of Monday’s session to trade at N360/$1 compared with N361/$1 it transacted last Friday. Against the pound, there was a N2 appreciation for the Naira, closing at N476/£1 in contrast to N478/£1 it was sold the previous session, while the domestic currency improved by N2 to close at N398/€1 from N400/€1 at the previous session.

It was, however, a different outcome for the local currency at the Bureaux De Change (BDCs) segment, as the Naira dropped against the dollar across the key markets in the country, while against other currencies, there was a mixed outcome.

In Lagos, the Naira lost N1 to close at N359 to a dollar compared to N358 per dollar it previously traded. However, the local currency gained N5 against the Euro as it closed at N395/€1 compared to N400 it traded previously, while it appreciated by N1 against the British pound to sell at N477/£1 versus N478/£1 last Friday.

At the Abuja market, BDC traders exchanged the local currency at N359.50k per dollar in contrast to N358.50k/$1 it traded previously, indicating a depreciation of N1.30k against the greenback during the session. However, the domestic currency traded flat against the pound yesterday to sell at N478/£1, while against the Euro, there was a N2 depreciation as it ended Monday’s session at N401/€1 compared with N399/€1 it previously traded.

At the Port Harcourt BDC market, the local currency dropped 50 kobo against the US Dollar to trade at N359/$1 while it gained N12 against the pound as it closed at N468/£1 from N480 recorded previously on Friday and appreciated N1 against the Euro at N398/€1 from N399/€1 previously.

The Kano market saw the Naira depreciate by 50 kobo against the greenback to close at N359/$1 compared to N358.50/$1. The Naira also extended this loss to the pound, losing N4 to close at N475/£1 from 471/£1, while against the Euro, the local closed flat at 397/€1.

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There wasn’t much good news for the local currency against the greenback at the Investors and Exporters (I&E) segment on Monday, as it closed at N362.94/$1 after shedding 19 kobo equivalent to 0.05 percent against the American currency. At the previous session, the Naira traded at the window at N362.75/$1.

This came as the market turnover for the I&E segment as transactions worth $74.01 million were carried out on Monday in contrast to $83.77 million achieved last Friday, indicating a decline by 12 percent equivalent to $9.76 million.

Meanwhile, at Interbank segment of the Central Bank of Nigeria (CBN), the domestic currency remained unchanged yesterday at N306.95/$1.


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