Naija News: Naira Depreciates 1.42% to 308 At Interbank Market

0 KIKI GIST Monday, October 31, 2016

The Nigerian Naira on Monday depreciated by 1.42% against United States Dollar to close at N308.81 in inter-bank foreign exchange market.

The currency closed N304.70 at the end of trading on Friday.

At the Bureau De Change Segment of the market, the naira closed at N385 CBN controlled rate, while the Pound Sterling and the Euro traded at N560 and N503, respectively.

The naira, however, traded flat against the dollar at the parallel market, with a steady rate of N470 to the dollar.

The Pound Sterling also remained steady N565, while Euro depreciated by N5 to N510 from N505 its closed on Friday, according to data from the AbokiFx.

The President Association of Bureau De Change Operators of Nigeria, Alhaji Aminu Gwadabe, had last Friday said that during the “ember’’months the demand for the dollar far-outstripped its supply.

He, however expressed optimism that it will bounce back fully by the coming days as the CBN, Travelex and some commercial banks were working hard to ease the liquidity challenges.