On Monday, the Naira appreciated in the parallel market, strengthening to N1,580 per dollar from N1,610 per dollar last Friday.
However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira depreciated to N1,611.4 per dollar from the previous rate of N1,609.29 per dollar over the weekend, reflecting a N2.11 depreciation.
Data from FMDQ indicated an increase in the volume of dollars traded in the market, rising by 6.3% to $179.34 million from $168.63 million traded last weekend.
As a result, the margin between the parallel market rate and the NAFEM rate widened significantly to N31.4 per dollar from just 71 kobo per dollar last Friday.