The Naira jumped by 3.14 percent on Wednesday, October 5, at the interbank or spot FX market to close at N310.24 against one US Dollar in contrast to a depreciation of 2.79 percent on Tuesday when it plunged to N320.31.
Meanwhile, Nigeria’s Three Month Interbank Rate (Nibor) was quoted by the Central Bank of Nigeria (CBN) at 0 percent on Monday October 3.
Interbank Rate in Nigeria averaged 13.99 percent from 2007 until 2016, reaching an all time high of 38.96 percent in September of 2013 and a record low of 0 percent in September of 2016
At the parallel market, the naira added a point against the U.S dollar exchanging at N475 from N476 posted on Tuesday, while it closed against the Pound Sterling and the Euro at N590 and N510, respectively.
