The naira maintained its downward trend against the dollar as it traded for 876 Naira per dollar at the parallel market on Sunday.

According to some Bureau de Change operators, the naira currency had earlier exchanged to the dollar at 820 Naira a week earlier.

Since the unification of the exchange rates in the country by the Central Bank of Nigeria in recent weeks, the naira had continued to slide to the dollar, due to liquidity crunch, speculations, and other challenges.

Chief Executive Officer, Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, said the foreign exchange market was evidently under pressure as a result of a number of factors and added that there was a curious surge in monetary expansion in the last month.

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