The naira has recorded another depreciation in the parallel market, trading at N1,665 per dollar on Monday, compared to N1,660 per dollar over the weekend.
On the contrary, in the official foreign exchange market the naira strengthened slightly, appreciating to 1,534.56 naira per dollar from 1,535 naira per dollar last Friday, according to data released by the Central Bank of Nigeria (CBN). This represents a marginal profit of 44 kobo in the official market.
As a result, the gap between the parallel market and the Nigerian Foreign Exchange Market (NFEM) widened to 130.44 naira per dollar from 125 naira per dollar last weekend.
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