The naira depreciated to N1,407 per United States dollar in the parallel market on Monday, compared to N1,400 per dollar last Friday.

Similarly, the naira weakened to N1,364 per dollar in the Nigerian Foreign Exchange Market.

Data from the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1,364 per dollar from N1,361 per dollar last weekend, indicating a N3 depreciation for the currency.

Consequently, the margin between the parallel and official markets widened to N43 per dollar from N39 per dollar last Friday.

The interbank turnover at NFEM fell by 55.5 per cent to N39.6 million on Monday, from N89.03 million last weekend.