The naira depreciated against the US dollar in both the parallel and official foreign exchange markets on Monday.
In the parallel market, the currency weakened to N1,407 per dollar from N1,400 at the close of trading last Friday.
The naira also recorded losses in the Nigerian Foreign Exchange Market (NFEM), where it fell to N1,364 per dollar from N1,361 on Friday, according to data published by the Central Bank of Nigeria (CBN).
The movement represents a depreciation of N3 in the official market and widened the gap between the official and parallel market exchange rates to N43 per dollar from N39 at the end of last week.
Meanwhile, turnover in the official foreign exchange market declined sharply. Interbank transactions at the NFEM fell by 55.5 per cent to $39.6 million on Monday, down from $89.03 million recorded on Friday.
