The naira weakened further in the parallel market on Monday, trading at N1,510 per dollar, down from N1,505 over the weekend.
Meanwhile, in the Nigerian Foreign Exchange Market (NFEM), the local currency recorded a slight appreciation, strengthening to N1,499 per dollar.
Data from the Central Bank of Nigeria (CBN) indicated that the official exchange rate improved marginally, moving from N1,500 per dollar on Friday to N1,499, reflecting a gain of N1.
This development has widened the exchange rate gap between the parallel market and the official window to N11 per dollar, compared to the N5 difference recorded at the weekend.
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