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The naira extended its decline on Wednesday at the parallel market as the United States dollar was sold for N478. The local currency, which traded at N475 per dollar on Tuesday, has come under pressure in recent days. It plunged to N475 on Monday from N470 at which it closed last Friday. In the Investors’ and Exporters’ forex window, the naira declined by 0.31 per cent to close at 386 per dollar on Wednesday, according to data from FMDQ Group. The CBN has kept the official exchange rate at N379/$1 since August, when the naira was devalued for the second time this year from 360 per dollar. It was first devalued to 360 in March from 306. The nation’s forex reserves stood at $35.54bn as of November 17, down from $35.69bn on October 28, according to the CBN.

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The Managing Director/Chief Executive Officer, Financial Derivatives Company Limited, Mr Bismarck Rewane, told our correspondent in a telephone interview that the CBN would do the needful to stop the naira from depreciating further. He said, “There are things that can be done. I know the central bank would do the needful because as long as forex is being rationed, there will be demand in other markets. They are doing their best; I am sure that they will do all that is necessary to ensure the currency stays stable.”

The foremost economist noted that the dollar had fallen against other currencies.