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

Iraq Seeks Global Help To Rebuild Devastated Second Largest City Recaptured From ISIS

The Iraqi government is betting on international assistance to rebuild the devastated city of Mosul and ease the humanitarian crisis facing residen....

Four German Women Who Joined ISIS Detained in Iraq

Four German women, including a 16-year-old girl, who joined Islamic State in recent years are being held in an Iraqi prison and receiving consular ....

Britain's May To Stay As PM Until At Least 2020, Close Ally Predicts

British transport minister Chris Grayling, one of Prime Minister Theresa May's closest cabinet colleagues, has predicted she will remain in the....

Samburu Nurses: Threatening To Withdraw Support For Uhuru

Samburu County nurses have threatened not to support the re-election of President Uhuru Kenyatta if their CBA is not considered and their demands l....

Matiang'i Quashes NASA Plan To Adopt Polling Stations

NASA's plans to adopt polling stations are in jeopardy as acting Interior CS Fred Matiang'i has issued firm directives on officials allowed....

Share