The naira weakened against the dollar yesterday, sliding to N1,395 per unit in the parallel market compared with N1,386 the previous Friday. In the Nigerian Foreign Exchange Market, the currency dropped to N1,385 per dollar, according to Central Bank of Nigeria data.
The official rate moved from N1,384 to N1,385 per dollar, marking a one-naira decline. The gap between parallel and official markets expanded sharply to N9 per dollar from N2 the week before.
Trading activity surged considerably at the Nigerian Foreign Exchange Market. Turnover jumped 80.3 per cent to N223.9 million yesterday from N124.2 million over the previous weekend.
