Value of Local Currency Falls to N457/$ at Black Market

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Friday, June 26,2020

The value of the local currency to the United States Dollar depreciated on Thursday, June 25 at the parallel market segment of the foreign exchange market.

Reports shown that the Nigerian Naira lost N2 during the session to sell at N457/$1 in contrast to the N455/$1 it traded at the previous session.

Also, at the same segment, the domestic currency depreciated by N2 against the Pound to trade at N557/£1 in contrast to the previous session’s N555/£1, but remained unchanged against the Euro at N498/€1.

At the Bureau De Change (BDC) segment, according to the Association of Bureaux De Change Operators of Nigeria (ABCON), the Naira was fortified against the Dollar in Lagos by 50 kobo, closing at N457/$1 compared to N457.50/$1 it ended on Wednesday.

Against the British Pound, it closed flat at N558/£1 and against the Euro, the Naira remained at N504/€1.

In Abuja, the local currency lost N1 against the Dollar to sell at N458/$1 from the previous rate of N457/$1, but gained N5 against the Pound to close at N558/£1 versus N563/£1 and lost N5 on the Euro to trade at N505/€1 compared with N500/€1 of the previous day.

At the Port Harcourt BDC market, the Naira lost 50 kobo on the Dollar to sell at N455.50/$1 versus N455/$1. It dropped N2 on the Pound to sell at N555/£1 as against N553/£1 and lost N2 against the Euro to trade at N500/€1 versus N498/€1.

In Kano, the local currency dropped N1 against the Dollar to sell at N456/$1 compared to N455/$1. However, the Naira closed flat against the Pound Sterling and Euro at N540/£1 and N490/€1 respectively.

At the Investors and Exporters (I&E) segment, the local currency fell by 0.03 percent or to 10 kobo against the American currency to close at N387.27/$1 as against N387.17/$1 it was sold a day earlier.

According to data sourced by Business Postfrom FMDQ, the loss in the value of the Naira happened despite a significant decline in the value of trades executed by investors yesterday.

The value of greenback exchanged at the I&E window on Thursday was $14.68 million, lower than the previous session’s $90.88 million by 83.8 percent or $76.20 million.

At the interbank market, the domestic currency recorded no gain nor decline against the US Dollar as it closed Thursday’s trading session at N361/$1.

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