How The Naira Fared Against The Dollar At Interbank Market [Nov 28]

share on:
Naira Gains 'Overwhelmingly' Against Dollar [Nov. 8]

The naira remained stable, closing at N305.25 to a dollar at the interbank market on Monday, November 28, 2016.

The News Agency of Nigeria (NAN) reports that the local currency maintained its Friday rate against the greenback.

READ ALSO: Is The Central Bank Driving Prices Up?

While at the Bureau De Change window, the naira traded at N400 to a dollar – the Apex bank’s controlled rate – even as the Pound Sterling and the Euro closed at N585 and N506, respectively.

The naira 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.

READ ALSO: Naira Gains ‘Overwhelmingly’ Against Dollar [Nov. 8]

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

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

READ ALSO: Naira Depreciates To ‘Record Breaking’ Low Of 480/USD [Sept 29]

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

Datboyjerry

Datboyjerry

I am but your herald boy in the art of the pen.. An eccentric Environmental Biologist smouldered in the glorious epiphany of online journalism.If you ever find my article unduly insipid, sue me and i’ll refund you...

Leave a Reply