The gains made by the naira in recent weeks against the dollar, both in the parallel and official markets, have entirely evaporated.
At the close of trading on Monday, the naira depreciated to N1,530.15 per dollar on the Nigerian Foreign Exchange Market (NFEM), according to data from the Central Bank of Nigeria (CBN).
This represents a notable decline from the N1,517.25 per dollar that the local currency had exchanged for over the weekend, amounting to a loss of N12.9.
The parallel market mirrored this decline, with the naira plummeting to N1,570 per dollar, down from N1,545 per dollar last weekend.
As a result, the gap between the parallel market rate and the NFEM rate has widened to N39.85 per dollar, up from just N3 per dollar last Friday.
