Concerns as Naira slumps further, records 532/$ at parallel market

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

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

The naira on Friday plunged to a fresh record low of N530 against the dollar on Thursday amid the lingering scarcity of forex in the country.

The value of the naira fell further to N532/$1 at the parallel market on Monday.

The local currency has lost more than five per cent of its value since August 4, when it closed at 506/$1.

The naira dipped to 723 against the British pound sterling at the parallel market from 722/£1 on Friday, while the euro rose to N625 from N622.

At the I&E window, the naira, however, gained 0.09 per cent to close at 411.13/$1 on Monday, according to FMDQ Group.

Meanwhile, the country’s external reserves, which have been risen consistently since August 25 after wobbling for several weeks, hit $34.26billion last Friday, highest since May 26, according to the CBN.

The reserves gained $870million in the 10 days to September 3, the CBN data show.

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