Naira weakens further to 486/$1 at parallel market

The Nigerian currency extended its decline against the dollar on Monday at the parallel market.

The naira fell to 486 against the greenback from 485/$1 at which it closed on Friday.

At the investors’ and exporters’ window, the naira weakened by 0.03 percent to 410.13/$1, according to FMDQ Group.

Markets Reporters had reported on Monday that analysts at Financial Derivatives Company Limited said pressures on the naira at the parallel market as well as the investors’ and exporters’ window were likely to persist in the near term.

The analysts, led by renowned economist Mr Bismarck Rewane, said this could further stoke inflationary pressures on domestic commodities.