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Naira Remains Stable at Interbank Market

Farouk Mohammed
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Farouk Mohammed
ByFarouk Mohammed
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Farouk Mohammed is the Publisher and Lead Editor of Okay News, an international digital news platform delivering verified reporting across technology, global affairs, business, innovation, and...
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NAIRA

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

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The naira 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, while 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.

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.

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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ByFarouk Mohammed
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Farouk Mohammed is the Publisher and Lead Editor of Okay News, an international digital news platform delivering verified reporting across technology, global affairs, business, innovation, and development. He has over a decade of experience in journalism and international media, with a strong focus on geopolitics, conflict reporting, human rights, and the global digital economy.
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