The naira weakened against the US dollar on Monday, slipping in both the official and parallel foreign exchange markets.
In the parallel market, the local currency traded at ₦1,407 per dollar, down from ₦1,400/$ recorded last Friday.
The naira also lost ground in the Nigerian Foreign Exchange Market (NFEM), where the official exchange rate depreciated to ₦1,364 per dollar from ₦1,361/$ at the close of trading last week.
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Figures released by the Central Bank of Nigeria showed the official exchange rate declined by ₦3, reflecting continued pressure on the local currency.
As a result, the gap between the official and parallel market rates widened to ₦43 per dollar, compared to ₦39 recorded at the end of last week.
Meanwhile, trading activity in the official market slowed significantly. Interbank turnover at the NFEM dropped by 55.5 per cent, falling to $39.6 million from $89.03 million recorded at the close of trading last Friday.
