DOLLAR WEAKENS NAIRA, NOW N357/$1

The Naira on Monday weakened further against the dollar at the parallel market, the News Agency of Nigeria (NAN) reports.

The currency exchanged at N357 for a dollar as against N350 it traded on Friday.

However, the naira maintained stability with the Pounds Sterling and Euro, trading at N505 and N397 to each of them, respectively.

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Meanwhile, pending the release of modalities for the operation of the proposed flexible exchange rate, the official rate remained at N197 to a dollar.

Traders at the market decried the delay in the release of modalities as proposed by the Central Bank of Nigeria (CBN).

They expressed optimism that a flexible exchange rate would rejuvenate the market.