Naira weakens to 532/dollar despite rising forex reserves

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

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

The value of the naira fell further, from 530/$1 on Thursday 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 N723 against the British pound sterling at the parallel market from 722/£1 on Friday, however, the Euro rose to N625 from N622.

Meanwhile, the country’s external reserves have risen consistently since August 25, hitting $34.26bn last Friday, the highest since May 26, according to the CBN.

Godwin Emefiele, Governor of Nigeria’s apex bank, had on July 27 announced the stoppage of forex sale to the BDCs, citing corruption and money laundering as reasons.

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