Naira Drops 0.08% at Interbank Market

The Naira, on Friday, November 25, traded weak against the U.S dollar at the interbank or spot FX market. It slipped by to close at N305.25.

Meanwhile, the local currency closed flat at the parallel market as Naira firmed up against the Dollar during the week.

A sustained price recovery and stable trading pattern, similar to the trading pattern recorded in the previous week as Naira maintained stable outlook in both markets during the week,analysis revealed.

Also, it was gathered that the sustained sale of the greenback to the Bureau de Change BDC operators and the recent raid on illegal currency traders had played significant role in stabilising the naira at both the parallel and interbank markets.


However, speculative tendency and scarcity of foreign exchange remain the driving factors depressing the value of Naira, investadvocate reports.

The spread between the interbank and parallel market rates gained modestly to close at 30.71% as against 30.61% recorded in previous week.



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