Naira weakens against dollar, trades at N357/$1

June 1, 2016, 1:07 pm

The naira weakened further against the dollar at the parallel market on Monday, exchanging at N357 for a dollar as against N350 it traded on Friday.

But maintained stability with the pounds sterling and euro, trading at N505 and N397 to each of them, respectively.

Meanwhile, pending the release of modalities for the operation of the proposed flexible exchange rate, the official rate remained at N197 to a dollar.

Traders at the market decried the delay in the release of modalities as proposed by the Central Bank of Nigeria (CBN).

They expressed optimism that a flexible exchange rate would rejuvenate the market.

Follow us on twitter @thecableng

Like this story? Get on the list for updates...it's FREE!.

Related News

LATEST POSTS

2nd Anniversary: PDP Commends Ambode

The Moshood Salvador faction of the People’s Democratic Party (PDP) in Lagos on Sunday commended the Gov. Akinwunmi Ambode-led administration for....

Francesco Totti Bids Farewell to Serie A in An Emotional For Roma

Roma qualify for Champions League on the last day of the season in Italian Serie A ended up in a mixed feeling as the "King of Rome" Francesco Tott....

Osinbajo Calls For Sacrifice to Make Nigeria Great

The Acting President, Prof. Yemi Osinbajo, on Sunday urged Nigerians to be prepared to make sacrifices to rescue the country from decay and make it....

Uhuru Admits Divine Intervention is Needed For Corruption And Political Division

The country's stability in the run-up to the August 8 polls weighed heavily on the nation's conscience during Thursday's national praye....

Kenya Seeks Health Specialists From Cuba to Bridge Gap

The Government has signed a deal that will see Cuban health specialists hired to address shortages.

According to a deal signed on May 23 ....

Share