The Naira experienced a decline in value to N1,520 per dollar in the parallel market on Monday, which represents a decrease from the previous Friday’s value of N1,470 per dollar.
Similarly, the Naira depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,478.11 per dollar.
Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,478.11 per dollar from N1,466.31 per dollar last weekend, indicating N11.8 depreciation for the naira.
As a result, the difference between the parallel market and NAFEM rates expanded to N41.89 per dollar, up from N3.69 per dollar last weekend, indicating a significant widening of the margin between the two rates
