Naira wobbles, weakens again to 498 against dollar

The Nigerian currency weakened again at the parallel market on Friday after recording gains against the dollar in two consecutive days.

The naira fell to 498 against the dollar at the parallel market from 493/$1 on Thursday. It had strengthened to 502/$1 on Wednesday from a record high of 505/$1 on Tuesday.

The country’s foreign exchange reserves have continued on a downward trajectory, falling to $33.79 billion on June 17 from $34.23 billion at the end of last month.

The Central Bank of Nigeria devalued the naira last month 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.