Naira Maintains Stability At Interbank Market

interbank

Agency report

The Naira on Monday remained stable at the interbank market, closing at N305.25 to a dollar.

The Nigerian currency maintained its Friday rate against the greenback.

At the Bureau De Change (BDC) window, the naira traded at N400 to a dollar, CBN controlled rate. Then with regard to the Pound Sterling and the Euro, it closed at N585 and N506, respectively.

Unchanged

The Nigerian currency also maintained its Friday rate of N473 to a dollar at the parallel market, while the Pound Sterling and the Euro sold at N585 and N505 respectively.

Traders at the market blamed dollar scarcity for the woes of the naira.

Flexible exchange rate

Since the launch of the flexible exchange rate policy, the naira has continued to struggle for survival. It has led experts to interrogate the philosophy guiding the policy.

However, stakeholders have not lost hope in the capacity of Diaspora remittances to change the fortunes of the naira as the Yuletide approaches.


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John Andah is a fine-grained journalist. He has been a member of the fourth estate for a decade. He loves the smell of a good lead, and has a penchant for finding out something nobody else knows. John is Senior Assistant Editor at Concise News.


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