The naira recorded a slight decline against the United States dollar on Monday, weakening in both the parallel market and the Nigerian Foreign Exchange Market (NFEM).
In the parallel market, the local currency traded at N1,407 per dollar, down from N1,400 per dollar recorded last Friday.
The naira also lost value in the official market, with data released by the Central Bank of Nigeria (CBN) showing that the indicative exchange rate rose to N1,364 per dollar, compared to N1,361 per dollar at the close of trading last weekend.
The movement represents a N3 depreciation in the official foreign exchange market, reflecting continued pressure on the naira despite recent efforts to stabilise the currency.
Consequently, the margin between the parallel and official markets widened to N43 per dollar from N39 per dollar last week Friday.
The interbank turnover at NFEM fell by 55.5 percent to N39.6 million yesterday from N89.03 million last weekend.
