Naira stabilises at parallel market

The naira on Monday stabilised against the dollar at the parallel market, our correspondent reports.

The Nigerian currency traded between N380 (buying rate) to N385 (selling rate) on Monday afternoon, maintaining the same rate as at Friday.

The naira closed at N495 to pound sterling and N415 to Euro at the same segment.

At the Bureau De Change (BDC) window, the naira was sold at N362 to the dollar, while the pound sterling and the Euro closed at N490 and N420, respectively.

Trading at the interbank window saw the naira closed at N305.95 to the dollar.

Traders commended the CBN for sustaining liquidity at the foreign exchange market
as market volatility was not in the interest of the economy.

Our correspondent reports that the CBN had remained resolute in boosting liquidity in all the segments of the foreign exchange market.

The apex bank, had on Friday, created a special window for investors and exporters to have uninterrupted access to foreign exchange, a move stakeholders described as the right direction.