BREAKING: Naira crashes massively against dollar in parallel market

The Naira depreciated to N1,665 per dollar in the parallel market on Monday, down from N1,660 per dollar recorded last weekend.

In contrast, the Naira appreciated to N1,534.56 per dollar in the official foreign exchange market.

According to data from the Central Bank of Nigeria (CBN), the exchange rate in the Nigerian Foreign Exchange Market (NFEM) improved to N1,534.56 per dollar, up from N1,535 per dollar last Friday, reflecting a 44 kobo appreciation.

As a result, the gap between the parallel market and NFEM rates widened to N130.44 per dollar, up from N125 per dollar the previous weekend.