Currency slumps heavily against Pound, Euro [May 19, 2016]

folarin okunola

May 19, 2016 5:12 PM

Today, the Naira traded at N340/dollar in the morning and now it is trading at N347/dollar, indicating a N7 drop.

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

Following a sharp decline following rumors of the FG devaluing the naira, the currency has gradually picked up against the dollar on the parallel market, trading at N347 to the dollar compared to the N350 it traded for on Tuesday.

The currency has maintained a steady gaining position against the dollar, but has continued to drop, almost uncontrollably, against the British Pound and the Euro.

Today, the Naira traded at N340/dollar in the morning and now it is trading at N347/dollar, indicating a N7 drop. Right now, you can buy dollars at N342/dollar on the parallel market.

READ: Currency continues to drop against Pound, Euro [May 17, 2016]

For other foreign currencies, you can buy the British Pound at N488/pound on the parallel market, or sell for N480/pound, a 15 pound loss from the beginning of the week when it traded for N465/pound.

The Euro is also trading for N390/euro, while you can sell for N385/euro.

Note that these figures are the current 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.

folarin okunola