Naira now sells N507 to £1

The naira weakened further against pound sterling as it exchanged at N507 to the pound from N500 it traded on Friday, while the dollar traded at N350, maintaining its value since Friday.

The naira exchanged for N385 to the Euro.

Pending the implementation of the flexible exchange rate policy by the Central Bank of Nigeria (CBN), the official rate remained at N197 to the dollar.

Traders at the market said the demand for the pounds had been on the increase, necessitating its strength at the market.

They, however, expressed indifference to the release of the proposed guideline on the new forex regime, stating that their interest was anchored on the availability of foreign exchange for trading.