Naira weakens against dollar at parallel market

The naira depreciated by 0.8 per cent to exchange at N265 to the dollar at the parallel market on Monday.

The Nigerian currency lost N2 to the dollar from its weekend value of N263.

However, at the official interbank window, the naira exchanged at N197 to the dollar.

Traders at the market were hopeful that the naira would rebound in 2016 if the apex bank continued to enforce its policies at the foreign exchange market.

Besides, the price of crude oil at the international market hedged up to 38.9 dollars per barrel from about 35.7 dollars per barrel at the weekend.

Oil prices rose on Monday after a breakdown in diplomatic ties between Saudi Arabia and Iran that some speculated could result in supply restrictions.

Saudi Arabia, the world’s biggest oil exporter, cut diplomatic ties with Iran on Sunday in response to the storming of its embassy in Tehran following Riyadh’s execution of a prominent Shi’ite cleric on Saturday.