Naira weakens further to N1,380 per dollar in parallel market

The naira has depreciated further in the parallel market, trading at N1,380 per dollar on Monday, up from N1,376 recorded over the weekend.

In the official Nigerian Foreign Exchange Market (NFEM), the local currency also weakened slightly to N1,377 per dollar, compared to N1,375 recorded in the previous trading session.

Data from the Central Bank of Nigeria (CBN) showed that the movement represents a marginal depreciation of the naira across official trading windows.

The gap between the parallel market and official rate widened to N3 per dollar, compared to N1 recorded at the weekend.

Meanwhile, turnover in the interbank foreign exchange market declined by 10.5 percent to $55.8 million, down from $62.34 million recorded previously, indicating reduced trading activity.