On Monday, the Naira depreciated to ₦1,510/$1 in the parallel market, down from ₦1,505/$1 last weekend.
In contrast, the Naira gained value in the Nigerian Foreign Exchange Market (NFEM), appreciating to ₦1,499/$1 from ₦1,500/$1 on Friday, according to data from the Central Bank of Nigeria (CBN). This marks a ₦1 improvement in the official exchange rate.
As a result, the gap between the parallel market and NFEM rates widened to ₦11/$1, up from ₦5/$1 last weekend.
