Currency rises against the Dollar

Ayodele Johnson 19:02 - 10 June 2016

The Naira had a slight improvement against the Dollar during the week.

The Nigerian currency has been suffering a steady decline since the price of crude oil fell, its sudden rise is a welcomed development for the country.

Nigerias Naira currency received a boost on Friday, June 10, 2016, as it is now valued at N352 against the United States Dollar.

According to the New Agency of Nigeria (NAN), the Nigerian currency gained N18 between Wednesday, June 8, 2016, and Friday.

The Naira however lost strength against other currencies by the British Pounds and the European Union Euro bill.

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Based on current rating the Naira is N515 per Pound and N405 per Euro.

Nigeria's currency started experiencing rapid decline during the general fall in the value of crude oil. A condition that led to major economic strain all over the world.

The improvement has been attributed to the availability of the Dollar currency to traders.

At the Central Bank of Nigeria currency window, the Naira remains N197 against the American Dollar.