Naira Currency trading at N497/Pound, drops against Dollar, Euro

Today, the Naira traded at N350/dollar in the morning. Right now, you can buy dollars at N345/dollar on the parallel market, indicating a N5 drop.

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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. play 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)
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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 N346 it traded for last Friday.

The currency has maintained a steady drop against the dollar, but has continued to drop, almost uncontrollably, 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 N350/dollar in the morning. Right now, you can buy dollars at N345/dollar on the parallel market, indicating a N5 drop.

READ: Naira devaluation, two interest rate hikes expected this year

For other foreign currencies, you can buy the British Pound at N497/pound on the parallel market, or sell for N494/pound, a seven pound loss from the beginning of the week when it traded for N487/pound.

Nigeria's Finance Minister Kemi Adeosun speaks after the inauguration of the Efficiency Unit during an exclusive interview with Reuters in Abuja, Nigeria, November 30, 2015. play Nigeria's Finance Minister Kemi Adeosun speaks after the inauguration of the Efficiency Unit during an exclusive interview with Reuters in Abuja, Nigeria, November 30, 2015. (REUTERS/Afolabi Sotunde - RTX1WL37)

 

The Euro is also trading for N387/euro, while you can sell for N383/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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