Naira extends decline against dollar on official market 

The Nigerian currency pared more of its recent gains on Monday as it weakened to N1,234.49 per dollar on the official market.

Markets Reporters had reported on Friday that the naira fell against the greenback on Thursday for the first time in one month, closing at 1,154.08/$ as against 1,128/$ on Wednesday.

It dropped by 5.51 percent on Monday, according to FMDQ Securities Exchange, which tracks the data.

The decline in the value of the naira against the greenback followed concerns over the country’s foreign reserves, which have fallen to the lowest in more than six years.