Efforts by the Central Bank of Nigeria (CBN) to support operators in the Bureau De Change (BDC) segment of the foreign exchange market with weekly forex sales seem to be futile.
This is because, on Thursday, the Naira depreciated against the Dollar at the Lagos BDC market by N8 to trade at N450/$1 compared with N442/$1 it traded on Wednesday.
Business Post learned that it was only in Lagos the local currency suffered such a significant devaluation at the BDC window yesterday, according to data sourced from the Association of Bureau De Change Operators of Nigeria (ABCON).
However, at the same Lagos BDC market, the local currency closed flat against the Pound and the Euro at N585/£1 and N559/€1 respectively.
In Abuja, the value of the domestic currency against the American currency remained stable at N440/$1 and also sustained stability against the pound and Euro at N580/£1 and N515/€1 respectively.
At the Port Harcourt BDC market, the domestic currency also traded flat against the Dollar, Pound and Euro at N444/$1, N586/£1 and N513/€1 respectively.
In Kano, it was the same outcome as the value of the local currency remained unchanged against the Dollar, Pound and Euro at N440/$1, N585/£1 and N515/€1 respectively.
But at the parallel market, the local currency slid by N10 against the greenback to close at N455/$1 compared to N445/$1 it quoted the previous day.
At the same segment, the domestic currency depreciated by N5 on the Pound to sell at N580/£1 versus N575/£1 while it dropped N10 on the Euro to N520/€1 from N510/€1.
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The exchange rate of the Naira/Dollar at the Investors and Exporters (I&E) market went against the local currency by 17 kobo or 0.04 per cent as it traded at N386.17/$1 compared with the previous day’s N386/$1.
This was despite the 23.8 per cent or $9.63 million decline in the day’s turnover as transactions worth $30.8 million were completed yesterday compared with Wednesday’s $40.43 million.
However, at the interbank window, the value of the Naira to the Dollar remained stable at N379/$1 at the close of business yesterday.
Credit: Businesspost.ng
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