Naira maintains stability at forex market

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The Naira on Monday remained stable at the foreign exchange market as it maintained its rate of N305 to dollar achieved on Friday at interbank deals.

The-Naira-against-the-dollar_5-e1426945959489

At the Bureau De Change window, the naira was sold at N385 to a dollar, while it traded at N553 for the Pound Sterling and N500 for the Euro.

The currency, however, closed at N455 to the dollar, N547 to Pound Sterling and N495 for the Euro at the parallel market.

The figures were same as Friday’s rate except for Pound Sterling, which the Naira exchanged for at N547, appreciating by N3 from N550.

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Meanwhile, Alhaji Aminu Gwadabe, the President of the Association of Bureau De Change Operators of Nigeria, has called for a greater flexibility in the distribution of foreign exchange to their members.

Gwadabe also called for the appointment of one other distributor of the foreign currencies, in addition to Travelex, to ease the challenges faced by some of the association’s members outside Lagos.

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