Business
Naira Declines Further in Parallel Market
The Naira depreciated further in the parallel market on Monday, trading at N1,510 per dollar, down from N1,505 per dollar over the weekend.
However, in the Nigerian Foreign Exchange Market (NFEM), the Naira showed slight appreciation, strengthening to N1,499 per dollar. Data from the Central Bank of Nigeria (CBN) indicated that the official exchange rate improved marginally from N1,500 per dollar last Friday to N1,499 per dollar, reflecting a gain of N1.
As a result, the gap between the parallel market and the official exchange rate widened to N11 per dollar, compared to N5 per dollar recorded over the weekend.
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