Naira Currency steadies against Dollar, fluctuates against Pound, Euro [May 11, 2016]

Right now, you can buy dollars at N323/dollar on the parallel market.

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A trader changes dollars with naira at a currency exchange store in Lagos, Nigeria in this February 12, 2015 file photo. Nigeria’s central bank is expected to make an interest rate decision this week. REUTERS/Joe Penney/File play A trader changes dollars with naira at a currency exchange store in Lagos, Nigeria in this February 12, 2015 file photo. Nigeria’s central bank is expected to make an interest rate decision this week. REUTERS/Joe Penney/File
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The Naira continued to maintain its momentum against the dollar from last week on the parallel market, trading at N323 to the dollar.

The speculative trend of the currency has effectively died out in recent weeks as it maintains a steady position against the dollar, but with constant fluctuations against the British Pound and the Euro.

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)

 

Today, the Naira traded at N323/dollar in the morning. Right now, you can buy dollars at N323/dollar on the parallel market. Analysts say the recent deal with the Chinese government has helped the Naira strengthen against the dollar.

READ: Stocks hit 5-week high on MSCI index news

For other foreign currencies, you can buy the British Pound at N460/pound on the parallel market, or sell for N455/pound, a five pound gain from the beginning of the week when it traded for N460/pound.

The Euro is also trading for N364/euro, while you can sell for N360/euro - the Naira traded at N364 this morning. These figures are similar to that which the naira posted by the close of business yesterday, and earlier today.

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)

 

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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