Naira stable at N305/$ at spot FX market, N455/$ at parallel market

The naira on Monday, October 24, remained stable at the interbank or spot FX segment of the money market exchanging for N305 to the U.S dollar, the same rate at which it exchanged for on Friday, October 21.

At the parallel market, the local currency, however, closed at N455 to the dollar, N547 to Pound Sterling and N495 for the Euro. The figures were same as Friday’s rate except for Pound Sterling which the Naira exchanged for at N547, appreciating by N3 from N550.

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

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

Alhaji 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.