On Monday, the Naira weakened to ₦1,510/$1 in the parallel market, down from ₦1,505/$1 over the weekend.
In contrast, the Naira strengthened to ₦1,499/$1 in the Nigerian Foreign Exchange Market (NFEM).
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According to data from the Central Bank of Nigeria (CBN), the indicative exchange rate for the Naira dropped to ₦1,499/$1 from ₦1,500/$1 last Friday, reflecting a ₦1 gain for the Naira.
As a result, the gap between the parallel market and NFEM rates increased to ₦11/$1, up from ₦5/$1 last weekend.
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