By G9ija

The naira extended its decline on Wednesday at the parallel market as the United States dollar was sold for N 478 .

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 . 54 bn as of November 17 , down from $ 35 . 69 bn on October 28 , according to the CBN .

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 . ”