September 27, 2021
Economy

Naira weakens to 532/dollar despite rising forex reserves

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 $33.09bn on July 12, have risen to the highest level in more than three months.

The PUNCH had reported on Friday that the naira plunged to a fresh record low of 530 against the dollar on Thursday amid the lingering scarcity of forex in the country.

The value of the naira fell further to 532/$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…

Read full article here: punchng.com