The Naira weakened to ₦1,510/$1 in the parallel market on Monday, down from ₦1,505/$1 last weekend.
However, in the Nigerian Foreign Exchange Market (NFEM), the Naira appreciated to ₦1,499/$1, according to data from the Central Bank of Nigeria (CBN). The indicative exchange rate improved slightly from ₦1,500/$1 last Friday, marking a ₦1 gain for the local currency.
As a result, the gap between the parallel market and the official NFEM rate widened to ₦11/$1, compared to ₦5/$1 last weekend.