The naira depreciated to N1,400 per dollar in the parallel market on Monday, down from N1,390 per dollar recorded last weekend.
Despite the decline in the unofficial market, the local currency showed signs of strength in the Nigerian Foreign Exchange Market (NFEM), where it appreciated to N1,356 per dollar.
Data released by the Central Bank of Nigeria (CBN) indicated that the indicative exchange rate improved from N1,365.4 per dollar last weekend to N1,356 per dollar, reflecting a gain of N9.4 for the naira at the official window.
The mixed performance highlights continued volatility in the foreign exchange market, with divergent trends between the parallel and official segments.
The development comes amid renewed inflationary pressures, raising concerns about currency stability and broader economic conditions.
