Naira Soars to N310/$ At Interbank Market

The value of the Naira appreciated on Tuesday, August 2, as it closed at 310.50 against the dollar, firmer than previous close of 315.50.

The local currency traded $23 million at 280.50 just after the interbank market opened at 316.50, data from Thomson Reuters showed.

A trader attributed the 280.50 naira rate to a dollar resale on the spot market of outright currency forwards sold by the Central Bank of Nigeria, CBN.

As currency traders expect stability in the nearest future due to the new forex policy, the naira has however continued to fluctuate in the money market.

The Naira on Monday, August 1, extended loss at the parallel market as it depreciated further against the dollar exchanged at N380 to the dollar.

This was in contrast to N378 it traded on Friday, July 29,while it exchanged against the Pound Sterling and the Euro at N495 and N415, respectively.

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