Naira gains 0.86% at the interbank market
The Naira on Friday appreciated marginally at the interbank market, gaining 0.86 per cent against the dollar.
The Nigerian currency closed at N310.20 from N326.81 it traded at the interbank market on Thursday.
It, however, dipped three points to N423 at the parallel market, from its Friday rate of N425 against the dollar.
Also at the parallel market, it traded at N537 and N465 against the Pound Sterling and the Euro respectively.
Similarly, the devaluation of the naira slashed Nigeria’s trade deficit by 44 per cent to N196.5bn in June, from N351.3bn in March, the National Bureau of Statistics said recently.
The bureau said the value of exports increased by 63 per cent to N1.9 trillion in the quarter.
“The improvement in export value is largely due to the depreciation in the value of the naira,” the NBS said in a statement.
The nation’s total value of trade increased to N3.94 trillion in the second quarter, up from N2.7 trillion, it said.
The NBS, in the merchandise trade statistics for the second quarter of this year, said the country recorded a 49 per cent increase in trade from N2.65 trillion in the first quarter to N3.94 trillion.
The bureau in the report stated that the increase in trade was as a result of a rise of N725.6 billion in the value of exports against what was recorded in the preceding quarter.
It said as a result of the improvement in the second quarter trade, the country’s negative trade balance had now reduced by N154.8 billion to N196.5 billion.
The report says, “The total value of Nigeria’s merchandise trade in Q2, 2016 was N3.94 trillion. This was 49 per cent more than the value of N2.64 trillion recorded in the preceding quarter.
“This development arose from a rise of N725.6 billion or 63.3 per cent in the value of exports (largely due to the exchange rate gains), combined with a rise of N570.8bn or 38.1 per cent in the value of imports against the levels recorded in the preceding quarter.
“The current trade position brought the country’s negative trade balance to N196.5 billion during the period under review. This shows a N154.8 billion reduction in the country’s trade deficit over the previous quarter.”
In terms of the structure of Nigeria’s trade, the report stated that the country’s import stood at N2.06 trillion at the end of the second quarter, representing an increase of 38.1 per cent from the value N1.9 trillion recorded in the preceding quarter.
As with exports, it said the increase in import value could be traced to a decline in the value of the naira.
It said capital goods and parts, with N663.6 billion or 32.1 per cent, accounted for the highest chunk of the country’s imports.
This was followed by industrial supplies with N421.2 billion or 20.4 per cent, and transport equipment and parts with N356.1 billion or 17.2 per cent.
It said the import trade by direction showed that the country imported goods mostly from China, the Netherlands, the United States, India and the United Kingdom.
Trade with these countries accounted for N493.5 billion or 23.9 per cent; N285.7 billion or 13.8 per cent; N199 billion or 9.6 per cent; N124.9 billion or six per cent; and N119.3 billion or 5.8 per cent, respectively, of the total value of goods imported during the quarter.
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