Following a sharp decline after rumors of the FG devaluing the naira surfaced, the currency has gradually slumped against the dollar on the parallel market, trading at N351 to the dollar today compared to the N346 it traded for last Friday.
Currency now trading at N500/Pound Sterling, drops against dollar [May 27, 2016]
The currency has maintained a steady drop against the dollar, but has continued to drop, almost uncontrollably, against the British Pound and the Euro.
A trader changes dollars with naira at a currency exchange store in Lagos, Nigeria in this February 12, 2015 file photo.
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![Zimbabweans have 21 days to exchange old banknotes for new ones (image used for illustration) [Reuters]](data:image/svg+xml;charset=utf8,%3Csvg%20xmlns%3D'http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg'%20width%3D'100'%20height%3D'100'%20data-ring-placeholder%3D'1'%3E%3C%2Fsvg%3E "Zimbabweans have 21 days to exchange old banknotes for new ones (image used for illustration) [Reuters]")
Today, the Naira traded at N350/dollar in the morning. Right now, you can buy dollars at N348/dollar on the parallel market, indicating a N3 drop.
For other foreign currencies, you can buy the British Pound at N495/pound on the parallel market, or sell for N500/pound, a 13 pound loss from the beginning of the week when it traded for N487/pound.
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The Euro is also trading for N389/euro, while you can sell for N385/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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