Data from the Financial Markets Dealers Association indicates that naira had yesterday weakened against the US dollar losing 66 kobo at the inter-bank market to close at N159.36/$ compared to N158.70/$ the previous day.

Analyst has attributed the naira depreciation to increased demand for the greenback by the end users.

Meanwhile analyst at Cowry Asset Management had anticipated that naira would this week weaken against the dollar on the back of falling oil price and external reserve.

The Central Bank of Nigeria (CBN) on Monday increased its forex offer by 33.3 percent to $400 million compared to $300 million offered Wednesday last week.

Consequently, CBN on Monday offered $400 million but sold $399.6 million to 21 deposit money banks at the rate of N156.05 at its twice weekly Retail Dutch Auction System (RDAS).