The naira weakened further in the Nigerian Foreign Exchange Market (NFEM) on Monday, falling to N1,629 per dollar. This marks a N29 drop from the N1,600 per dollar rate recorded last Friday.
At the same time, the parallel market also saw a decline, with the naira trading at N1,570 per dollar, compared to N1,565 over the previous weekend. The latest development indicates a growing gap between the official and parallel market rates.
With this new difference, the spread between the two markets has widened to N59 per dollar, up from N35 per dollar last week.
