Naira weakens against dollar, pound, euro on black market

The Nigerian currency fell on Monday against the US dollar, the British pound and the euro at the parallel market.

The naira weakened to 480 per dollar at the unofficial market from 478 on Friday.

The local currency fell to 660 against the pound on Monday from 655 on Friday. It dropped to 580 against the euro from 577 on Friday.

At the Investors’ and Exporters’ Foreign Exchange Window, the naira remained stable against the dollar, closing at 410/$1, according to FMDQ Group.

Analysts at Financial Derivatives Company Limited said last week that the Central Bank of Nigeria was expected to increase its dollar sales as currency pressures were likely to persist.

They said currency volatility would continue to heighten import costs and, in turn, increase the price of imported goods in the near term.

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