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Naira appreciates against dollar at interbank market

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The Nigerian currency Naira appreciated marginally at the interbank market, gaining N0.57 against the dollar, on Monday.

The Naira closed at N314.20 from N314.77 it traded at the interbank market on Friday.

The Naira, however, dipped three points to N425 at the parallel market, from its Friday rate of N422 against the dollar.

Also at the parallel market, it traded at N537 and N465 against the Pound Sterling and the Euro respectively.

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At the Bureau De Change (BDC) segment of the market, the naira exchanged at N422, N535 and N464 to the dollar, Pound Sterling and the Euro respectively.

Traders at the market said that the scarcity of forex was responsible for the poor performance of the naira.

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