By Opeyemi Adelakun
The naira depreciated further against the United States dollar on Monday, falling to N1,382 per dollar in the parallel market from N1,378 recorded at the weekend.
The currency also weakened in the Nigerian Foreign Exchange Market, NFEM, where it closed at N1,331.5 per dollar, compared with N1,330 per dollar recorded last weekend.
Data from the Central Bank of Nigeria, CBN, showed that the indicative exchange rate increased by N1.5 per dollar, reflecting the depreciation of the naira in the official market.
The latest movement also widened the exchange-rate differential between the parallel and official markets to N50.5 per dollar, from N48 per dollar on Friday.
Meanwhile, trading activity in the official foreign exchange market declined significantly during the period under review.
The value of interbank turnover in the NFEM dropped by 77.7 per cent to $24.73 million, compared with $111.06 million recorded at the weekend.
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