The naira recorded a slight depreciation against the United States dollar in both the parallel and official foreign exchange market, extending its recent weak performance.
In the parallel market, the local currency traded at N1,400 per dollar, compared to N1,395/$ recorded at the close of trading last weekend, reflecting a N5 loss.
Similarly, data from the Central Bank of Nigeria indicated that the naira also weakened in the Nigerian Foreign Exchange Market (NFEM), where the indicative exchange rate edged up to N1,371/$ from N1,370/$ at the previous close.
The latest movement represents a marginal depreciation of N1 in the official market.
As a result of the dual-market decline, the gap between the parallel market and the official exchange rate widened to N29 per dollar, compared with N25/$ recorded at the end of last week.
Market data also showed reduced trading activity, with interbank turnover in the NFEM dropping by 23 per cent to $54.2 million, down from $70.4 million recorded during the previous trading session.
