Naira Climbs Marginally to N305/$ at Spot FX Market

The Naira on Wednesday, November 30, leaps marginally against the dollar at the official interbank or Spot FX market, adding 25kobo to exchange at N305 to the U.S Dollar.

The Nigerian currency, had on Tuesday, November 29 closed at N305.25 to the dollar at the interbank  market.

Meanwhile the Naira sustained its free fall to  at the parallel market, exchanging at N480 to a dollar, while the Pound Sterling and the Euro traded at N580 and N505 respectively.

According to currency traders at the foreign exchange market, activities in the market are being crippled by  acute forex shortage.

However, trading activities at the Bureau De Change, BDC, segment of the forex market saw the local currency trading at N399 to the greenback, which is the Central Bank of Nigeria, CBN, controlled rate, while the Pound Sterling and the Euro closed at N585 and N506 respectively.


About Author

This is BizWatchNigeria. Nigeria's first online business Newspaper.

Comment here

This site uses Akismet to reduce spam. Learn how your comment data is processed.