ECONOMY UPDATE: Naira Crumbles to N601.50/£1 at BDC Segment

The value of the Naira against major currencies nose dived at both parallel and BDC markers. Naira’s value especially against the British Pound Sterling crumbled at the Bureaux De Change (BDC) segment of the foreign exchange (forex) market on yesterday.

At the market, the local currency weakened against the Pound by N12.5 at the Lagos BDC market to close at N601.50/£1 versus the previous day’s N589/£1.

However, against the Dollar, the Nigerian currency traded flat yesterday at N473/$1 and lost N3 on the Euro to close at N545/€1 in contrast to N542/€1 it was sold on Tuesday.

In Port Harcourt, the local currency weakened against the US Dollar by N1 to N471/$1 from N470/$1 and against the Euro, the local currency maintained stability at N587/£1 and traded flat against the Euro at N537/€1.

At the Abuja BDC market, the Naira depreciated against the US Dollar by N1 to close at N475/$1 versus N474/$1 and depreciated by N12 on the Pound to N590/£1 from N578/£1, and on the Euro, it fell by N15 to N545/€1 from N530/€1.

However, at the Kano BDC market, the local currency appreciated by N1.50 against the greenback to N472/$1 from N473.5/$1 and closed flat against both the Pound and Euro at N575/£1 and N540/€1 respectively.

According to a Business Post report, the Naira closed weaker by 0.06 per cent or 25 kobo against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market, closing at N389.25/$1 in contrast to N389/$1 it ended on Tuesday.

At the close of the session, investors exchanged a total of $10.49 million, lower than the previous day’s $24.66 million by 57.5 per cent or $14.17 million.

At the interbank segment of the forex market on Wednesday, the official Naira/Dollar exchange rate remained stable at N381/$1.

Also, at the parallel market, the value of the Nigerian currency remained unchanged against its American counterpart at N474/$1.

But against the Pound, the domestic currency depreciated by N3 to sell at N595/£1 as against the previous day’s N592/£1 and lost N1 on the Euro to wrap the day at N545/€1 versus N544/€1.

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