The naira extended its losing streak on Monday, depreciating to N1,407 per dollar in the parallel market from N1,400/$ recorded last Friday.
The local currency also weakened in the Nigerian Foreign Exchange Market (NFEM), where it closed at N1,364/$, compared to N1,361/$ at the end of last week.
Figures released by the Central Bank of Nigeria (CBN) showed the indicative exchange rate slipped by N3, reflecting continued pressure on the official foreign exchange market.
As a result, the gap between the parallel and official exchange rates widened to N43 per dollar, up from N39 recorded last Friday, highlighting persistent disparities in the country’s foreign exchange market.
Meanwhile, activity in the interbank market slowed significantly, with turnover plunging by 55.5 percent to N39.6 million, down from N89.03 million at the close of last week.
