Naira weakens further, nears 500 per dollar

The Nigerian currency weakened further against the dollar at the parallel market on Thursday, following the devaluation by the Central Bank of Nigeria.

The naira fell to 495 per dollar at the parallel market from 493/$1 on Wednesday.

The currency, however, strengthened by 0.12 percent to 411/$1 on Thursday at the investors’ and exporters’ window, according to FMDQ Group.

The CBN devalued the naira this week as it adopted the NAFEX exchange rate of N410.25 per dollar on Tuesday as its official exchange rate, days after removing the N379/$1 rate from its website.