The Nigerian currency weakened further against the dollar at the parallel market on Monday despite the rise in the country’s foreign exchange reserves.
The forex reserves, which fell to a record low of $33.09billion on July 12, have risen to the highest level in more than three months.
The naira on Friday plunged to a fresh record low of N530 against the dollar on Thursday amid the lingering scarcity of forex in the country.
The value of the naira fell further to N532/$1 at the parallel market on Monday.
The local currency has lost more than five per cent of its value since August 4, when it closed at 506/$1.
The naira dipped to 723 against the British pound sterling at the parallel market from 722/£1 on Friday, while the euro rose to N625 from N622.
At the I&E window, the naira, however, gained 0.09 per cent to close at 411.13/$1 on Monday, according to FMDQ Group.
Meanwhile, the country’s external reserves, which have been risen consistently since August 25 after wobbling for several weeks, hit $34.26billion last Friday, highest since May 26, according to the CBN.
The reserves gained $870million in the 10 days to September 3, the CBN data show.