Currency now trading at N325 per dollar on parallel market afternoon rate

folarin okunola

February 29, 2016 4:10 PM

As at Friday, the Naira had gone from trading at about N250 to a dollar in the morning to about N305 to a dollar in the evening on the parallel market.

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

The unstable state of the Naira continues as oil prices remain low and pressure remains on the foreign exchange reserves.

As at Friday, the Naira had gone from trading at about N250 to a dollar in the morning to about N305 to a dollar in the evening on the parallel market.

Today, the naira started trading at N300 to a dollar on the parallel market, N420 to one British pound, and N350 to one Euro for those buying.

For those who have foreign currencies to sell, one dollar was selling for N320, one British Pound for N430, and one Euro for N360.

This afternoon, however, the naira had dropped again on the parallel market as speculative demand remains. For buyers, the naira went for N325 to a dollar, N435 for one British Pound, and N340 for one Euro.

For sellers, the afternoon rates for the naira are one dollar for N330, one British Pound for N440, and one Euro for N350.

Stay with Pulse Money for more updates on the state of the naira.

folarin okunola