Currency now trading at N508/Pound Sterling [June 6, 2016]

Right now, you can buy dollars at N354/dollar on the parallel market even though this morning it cost N350, indicating a N4 drop.

A trader changes dollars with naira at a currency exchange store in Lagos, Nigeria in this February 12, 2015 file photo.

Following a brief gain against the dollar, the Naira has dropped slightly against the dollar on the parallel market, trading at N357 to the dollar today compared to the N355 it traded at, last Friday.

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 N357/dollar in the morning. Right now, you can buy dollars at N354/dollar on the parallel market even though this morning it cost N350, indicating a N4 drop.

For other foreign currencies, you can buy the British Pound at N500/pound on the parallel market, or sell for N508/pound, a five pound loss from last week Friday when it traded for N505/pound.

The Euro is also trading for N390/euro - showing a six euro gain for the first time since two Fridays ago, 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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