Currency stays firm against dollar, continues to drop against Euro, British Pound [March 21, 2016]

folarin okunola

March 21, 2016 5:11 PM

The speculative trend of the currency seems to have died out as it maintains a steady position against the dollar, although it has been dropping steadily - and continues to drop - against the British Pound and Euro

A money dealer counts the Nigerian naira on a machine in his office in the commercial capital of Lagos, January 13, 2009. REUTERS/Akintunde Akinleye

The Naira maintained its momentum against the dollar from last week on the parallel market, trading at N324 to the dollar for buyers. The speculative trend of the currency seems to have died out as it maintains a steady position against the dollar, although it has been dropping steadily - and continues to drop - against the British Pound and Euro.

Today, the Naira continued to trade at the same N324/dollar, which it traded at as at last week Friday. Right now, you can buy dollars at N320/dollar on the parallel market.

For other foreign currencies, you can buy the British Pound at N457/pound on the parallel market, or sell for N450/pound.

READ: Currency maintains against dollar, drops further against British Pound, Euro [March 18, 2016]

The Euro is also trading for N357/euro, while you can sell for N352/euro. These figures are around the same which the naira posted by the close of business on Friday, last week.

Both the British Pound and the Euro have both been recording steady gains on the naira over the past week while the dollar has largely remained the same against the naira.

Note that these figures are the current evening 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