The value of the Naira depreciated against the US Dollar at the black market segment of foreign exchange market on Thursday, April 16.
During the session, the local currency weakened by N1 to trade at N416/$1 in contrast to N415/$1 it traded at the parallel market on Wednesday.
Also, at the same market, the domestic currency crumbled against the Euro by N5 to sell at N435/€1 in contrast to N430/€1 of the previous session, while against the Pound, the Naira closed flat at N495/£1.
Meanwhile, at the Investors and Exporters (I&E) segment on Thursday, the Nigerian currency depreciated against the United States currency by 0.10 percent or 37 kobo to N386/$1 from N385.63/$1.
This happened despite low demand for forex at the investors’ window. Data gathered by Business Post from FMDQ indicated that transactions worth $14.22 million were carried out at the I&E segment yesterday versus $38.61 million recorded on Wednesday, indicating a 63.2 percent or $24.39 million decline.
At the interbank segment of the market, the exchange rate of the Naira to the Dollar remained unchanged at N361/$1.
A look at the Bureaux De Change (BDC) window showed that the Naira depreciated against the Dollar by 50 kobo to trade at N415.50/$1 compared with its previously traded rate of N415/$. However, the Nigerian Naira traded flat against the British Pound and the Euro at N495/£1 and N440/€1 respectively.
In Abuja, data from the Association of Bureau De Change Operators of Nigeria (ABCON) indicated that the local currency traded flat against the Dollar, Pound and Euro at N415/$1; N490/£1, and N440/€1 respectively.
Likewise, in Kano, the domestic currency traded flat against the Dollar, Pound and the Euro at N415/$1; N490/£1, and Euro at N440/€1.
However, there was a major change at the Port Harcourt BDC market as the Naira depreciated against the Dollar by N2 to N412/$1 from N410/$1. Against the Pound, the local currency gained N5 to close at N495/£1 compared with N500/£1, while it depreciated against the Euro by N18 to N437/€1 from N419/€1.
Source: Businesspost.
