Naira weakens, 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. 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.