The naira depreciated to N1,420 per US dollar in the parallel market on Monday, compared with N1,406 per dollar at the close of trading last weekend.
However, the currency strengthened in the Nigerian Foreign Exchange Market (NFEM), appreciating to N1,380.5 per dollar.
Data released by the Central Bank of Nigeria (CBN) showed that the indicative exchange rate improved from N1,381.7 per dollar at the close of trading last weekend to N1,380.5 per dollar, reflecting an appreciation of N1.2.
As a result, the gap between the parallel market and the official exchange rate widened to N39.5 per dollar, up from N24.3 per dollar at the end of last week.
Meanwhile, turnover in the interbank foreign exchange market declined by 21.2 per cent to US$56.13 million on Monday, compared with US$71.04 million recorded at the close of trading last weekend.
