Home Sectors BUSINESS & ECONOMY Naira Rises to Settle At N304.75/$ At Interbank Market

Naira Rises to Settle At N304.75/$ At Interbank Market

The Naira on Tuesday, November 1, extended its gains at the Interbank or Spot FX market scooping N4.06 to exchange  N304.75, from N308.81 which it traded for on Monday, October 31.

The positive run also extended to the parallel market as the local currency added three points to close at N465 to a dollar against the N468 recorded in the previous market session. The Pound Sterling and Euro traded for N560 and N510 respectively.

Meanwhile, at the Bureau De Change  exchange window, the Nigeria currency traded for N385 to a dollar, while the Pound Sterling and Euro traded at N565 and N504 respectively.


Liquidity at the money market was reportedly boosted by the weekly sale of Forex by Travelex and First Bank of Nigeria, traders at the market stated.

Travelex and First bank are reportedly working hard to ensure that liquidity glitches in the money market are reduced by selling Forex.


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