The Naira saw a dip in value on Monday, falling to N1,629 per dollar in the Nigerian Foreign Exchange Market (NFEM).
According to the Central Bank of Nigeria (CBN), the official exchange rate for the naira rose to N1,629 per dollar, up from N1,600 per dollar last Friday, reflecting a depreciation of N29.
In the parallel market, the naira also weakened, trading at N1,570 per dollar, compared to N1,565 per dollar the previous weekend.
Consequently, the gap between the official market rate and the parallel market rate widened to N59 per dollar, up from N35 per dollar observed over the weekend.
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