Naira remains stable at interbank market

The Naira on Monday remained stable at the interbank market, closing at N305.25 to a dollar. The News Agency of Nigeria reports that the naira maintained its Friday rate against the greenback.

At the Bureau De Change window, the naira traded at N400 to a dollar, CBN controlled rate, while the Pound Sterling and the Euro closed at N585 and N506 respectively.

The naira also maintained its Friday rate of N473 to a dollar at the parallel market, while the Pound Sterling and the Euro sold at N585 and N505 respectively.

Traders at the market blamed dollar scarcity for the woes of the naira.

Since the launch of the flexible exchange rate policy, the naira has continued to struggle for survival, leading experts to interrogate the philosophy guiding the policy.

However, stakeholders have not lost hope in the capacity of Diaspora remittances to change the fortunes of the naira as the Yuletide approaches.