The naira weakened against the dollar on Monday, recording losses in both the official and parallel foreign exchange markets.
In the parallel market, the local currency depreciated to ₦1,495 per dollar, down from ₦1,487 per dollar recorded over the weekend.
A similar trend was observed at the Nigerian Foreign Exchange Market (NFEM), where the naira slipped to ₦1,420.5 per dollar. Data released by the Central Bank of Nigeria showed that the indicative exchange rate moved from ₦1,417.95 per dollar last weekend to ₦1,420.5, representing a depreciation of ₦2.55.
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As a result of the decline across both markets, the gap between the parallel and official exchange rates widened to ₦74.5 per dollar, compared with ₦69.05 per dollar recorded last Friday.
