Naira Currency now trading at N507/Pound sterling, gains against Dollar [June 1, 2016]

Today, the Naira traded at N350/dollar in the morning. Right now, you can buy dollars at N345/dollar on the parallel market even though this morning it cost N347.

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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 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.

Nigerian President Muhammadu Buhari speaks during a joint news conference with his French counterpart Francois Hollande at the presidential villa in Abuja, Nigeria May 14, 2016 play Nigerian President Muhammadu Buhari speaks during a joint news conference with his French counterpart Francois Hollande at the presidential villa in Abuja, Nigeria May 14, 2016 (REUTERS/Afolabi Sotunde)

 

Over the past few weeks, the currency has maintained a slow, 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.

Today, the Naira traded at N350/dollar in the morning. Right now, you can buy dollars at N345/dollar on the parallel market even though this morning it cost N347, indicating a N2 drop.

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

For other foreign currencies, you can buy the British Pound at N502/pound on the parallel market, or sell for N507/pound, a two pound loss from yesterday when it traded for N505/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 N387/euro - showing a two euro gain for the first time 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.

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