The naira experienced a slight depreciation in the parallel market on Monday, falling to N1,510 per dollar from N1,505 recorded over the weekend.
However, in the Nigerian Foreign Exchange Market (NFEM), the currency showed a marginal gain, appreciating to N1,499 per dollar.
According to data from the Central Bank of Nigeria (CBN), the indicative exchange rate for the naira improved from N1,500 per dollar on Friday to N1,499, reflecting a modest gain of N1.
As a result, the gap between the parallel market and NFEM exchange rates widened to N11 per dollar, compared to the N5 difference observed over the weekend.