Naira weakens further to 506 against dollar

The Nigerian currency fell against the dollar at the parallel market on Friday to a new record low.

The naira closed at 506 to a dollar at the parallel market, down from 505/$1 on Thursday. It, however, strengthened by 0.20 percent to 410.38/$1 at the investors’ and exporters’ forex window, according to FMDQ Group.

In May, the Central Bank of Nigeria devalued the naira as it adopted the NAFEX exchange rate of N410.25 per dollar as its official exchange rate, days after removing the N379/$1 rate from its website.