Currency slumps further, now trading at N505/Pound Sterling [May 31, 2016]

folarin okunola

May 31, 2016 3:45 PM

Over the past few weeks, the currency has maintained a steady drop against the dollar - and some short-lived gains here and there, but has continued to drop, almost uncontrollably, against the British Pound and the Euro.

A trader changes dollars with naira at a currency exchange store in Lagos, Nigeria in this February 12, 2015 file photo. REUTERS/Joe Penney/Files

Following a sharp decline after the FG decided to adopt the flexible exchange rate policy which was announced last week, the Naira has slightly gained against the dollar on the parallel market, trading at N350 to the dollar today compared to the N351 it traded at, last Friday.

Today, the Naira traded at N350/dollar in the morning. Right now, you can buy dollars at N347/dollar on the parallel market even though last Friday it cost N348, indicating a N1 drop. Earlier this morning, you could buy a dollar for N345.

READ: Currency now trading at N500/Pound Sterling, drops against dollar [May 27, 2016]

For other foreign currencies, you can buy the British Pound at N500/pound on the parallel market, or sell for N505/pound, a five pound loss from last week Friday when it traded for N500/pound.

The Euro is also trading for N389/euro - the same price it has been trading at since last week Friday, while you can sell for N384/euro.

Note that these figures are the 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.

folarin okunola