Naira Currency continues to drop against British Pound, Euro, remains flat against dollar [March 22, 2016]

The currency slightly appreciated against the Euro and British Pound earlier in the day but later lost steam going into the close of business.

  • Published:
CBN Building play

CBN Building

(Daily Independent)
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The Naira continues to hold steady against the dollar from yesterday on the parallel market, trading at N324 to the dollar for buyers. The speculative trend of the currency seems to have died out as it maintains a steady position against the dollar, although it has been dropping steadily - and continues to drop - against both the British Pound and Euro.

Today, the Naira continued to trade at the same N324/dollar, which it traded at yesterday. Right now, you can buy dollars at N320/dollar on the parallel market.

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

 

For other foreign currencies, you can buy the British Pound at N457/pound on the parallel market, or sell for N452/pound.

READ: Currency stays firm against dollar, continues to drop against Euro, British Pound [March 21, 2016]

The Euro is also trading for N360/euro, while you can sell for N353/euro. These figures are around the same which the naira posted by the close of business yesterday, give or take a few naira.

The currency slightly appreciated against the Euro and British Pound earlier in the day but later lost steam going into the close of business.

Kemi Adeosun play

Minister of Finance, Kemi Adeosun

(The Will Nigeria)

 

Both the British Pound and the Euro have both been recording steady gains on the naira over the past week while the dollar has largely remained the same against the naira.

Note that these figures are the current evening 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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