Naira Currency continues to drop against Pound, Euro [May 17, 2016]

Today, the Naira traded at N355/dollar in the morning. Right now, you can buy dollars at N350/dollar on the parallel market, indicating a N5 drop.

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Naira

(GT Bank)
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Following a sharp decline following rumors of the FG devaluing the naira, the currency has gradually picked up against the dollar on the parallel market, trading at N350 to the dollar compared to the N360 it traded for last Friday.

The currency has maintained a steady gaining position against the dollar, but has continued to drop, almost uncontrollably, against the British Pound and the Euro.

Nigeria's Finance Minister Kemi Adeosun speaks at a news conference in Lagos, Nigeria, April 9, 2016. play Nigeria's Finance Minister Kemi Adeosun speaks at a news conference in Lagos, Nigeria, April 9, 2016. (REUTERS/Akintunde Akinleye)

 

Today, the Naira traded at N355/dollar in the morning. Right now, you can buy dollars at N350/dollar on the parallel market, indicating a N5 drop.

READ: Naira drops against pound, maintains fluctuations against Euro [May 12, 2016]

For other foreign currencies, you can buy the British Pound at N480/pound on the parallel market, or sell for N470/pound, a five pound loss from the beginning of the week when it traded for N475/pound.

Central Bank Governor Godwin Emefiele speaks during the monthly Monetary Policy Committee meeting in Abuja, Nigeria January 26, 2016. play Central Bank Governor Godwin Emefiele speaks during the monthly Monetary Policy Committee meeting in Abuja, Nigeria January 26, 2016. (REUTERS/Afolabi Sotunde)

 

The Euro is also trading for N385/euro, while you can sell for N378/euro.

Note that these figures are the current midday rate at which the naira is trading on the black market. We will be bringing you daily rates so stay with Pulse Money to keep you updated.

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