The naira 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 $33.09bn on July 12, have risen to the highest level in more than three months.
On Friday the naira plunged to a fresh record low of 530 against the dollar on Thursday amid the lingering scarcity of forex in the country.
The value of the naira fell further to 532/$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.
