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

Today, the Naira traded at N323/dollar in the morning. Right now, you can buy dollars at N324/dollar on the parallel market, indicating a N1 drop.

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Nigerian naira notes are seen in this picture illustration March 15, 2016 play Nigerian naira notes are seen in this picture illustration March 15, 2016 (REUTERS/Afolabi Sotunde/Illustration)
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The Naira continued to maintain its momentum against the dollar from last week on the parallel market, trading at N324 to the dollar.

The currency has maintained a steady position against the dollar, but with constant fluctuations against the British Pound and the Euro.

President Muhammadu Buhari speaks at the Commonwealth Tackling Corruption Together Conference in the United Kingdom on May 11, 2016. play

President Muhammadu Buhari speaks at the Commonwealth Tackling Corruption Together Conference in the United Kingdom on May 11, 2016.

(Twitter)

 

Today, the Naira traded at N323/dollar in the morning. Right now, you can buy dollars at N324/dollar on the parallel market, indicating a N1 drop.

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

For other foreign currencies, you can buy the British Pound at N462/pound on the parallel market, or sell for N458/pound, a two pound loss from the beginning of the week when it traded for N460/pound.

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)

 

The Euro is also trading for N365/euro, while you can sell for N360/euro. These figures are similar to that which the naira posted by the close of business yesterday, and earlier today give or take a few naira.

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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