Nigerian currency weakens further against dollar at parallel market

The Nigerian currency weakened further against the dollar at the parallel market yesterday despite the rise in the country’s foreign exchange reserves.

The forex reserves, which fell to a record low of $33.09bn on July 12, have risen to the highest level in more than three months.

The value of the naira fell further to 532/$1 at the parallel market yesterday. The local currency has lost more than five per cent of its value since August 4, when it closed at N506/$1.


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