Naira on free fall at interbank market


The Naira on Monday fell freely at the official interbank market to exchange at N350 to a dollar from N328 it traded last Friday.

At the Bureau De Change segment, the naira closed at N385 against the dollar, CBN rate, while the Pound Sterling and the Euro closed at N564 and N510 respectively.

Trading at the parallel market saw the naira exchanged at N470 to the dollar, while the Pound Sterling and the Euro traded at N560 and N510 respectively.

Traders at the market express hope that the naira would see better days as Diaspora remittances was expected to boost liquidity at the yuletide season.