Currency currently selling for N320 per dollar on parallel market [March 3, 2016]

folarin okunola

March 3, 2016 2:43 PM

Today, the currency is selling for N320 per dollar, although it started the day selling at N310 per dollar.

A trader changes dollars with naira at a currency exchange store in Lagos February 12, 2015. REUTERS/Joe Penney

The Naira continues to remain unstable on the parallel market as another week comes to an end with the currency still selling above N300 for all the major global currencies.

Yesterday, Pulse Money reported that the Naira was selling for N328 per dollar on the parallel market. Today, the currency is selling for N320 per dollar, although it started the day selling at N310 per dollar.

For buyers, the Naira started the day at the price of N300 to a dollar, but currently costs N310 per dollar on the parallel market.

As for other currencies, the Naira is currently selling for N430 per British Pound, and will cost you N415 for every British Pound on the parallel market.

The Euro is not far off either; the naira is selling for N335 to a Euro, and costs N330 per Euro on the parallel market. The fact that the Naira traded for N10 - N15 less yesterday further reinforces the currency's unstable state on the parallel market.

The Central Bank of Nigeria (CBN) is still trying to stem the tide and stabilize the Naira but there hasn't been much improvement. President Muhammadu Buhari has also continue to maintain his stance on devaluation of the Naira.

Stay with Pulse Money to keep you updated on the daily state of the Naira.

folarin okunola