In the parallel market, the Naira dropped from N1,390 per dollar last Friday to N1,395 per dollar yesterday. Similarly, on the Nigerian Foreign Exchange Market, or NFEM, the local currency fell to N1,373.5 per dollar.

According to data from the Central Bank of Nigeria, or CBN, the market's indicative exchange rate increased to N1,373.5 per dollar from N1,372 per dollar on Friday of previous week, indicating a N1.5 devaluation of the naira. As a result, the difference between the official and illicit markets increased from N19 to N21.5 per dollar over the previous weekend.

The interbank foreign exchange market's turnover rose from $48.5 million the day before to $76.3 million, a 57.3% rise.

Source