The Naira depreciated to N1,420 per United States dollar in the parallel market on Monday, from N1,406 per dollar recorded last weekend.

The naira, however, appreciated to N1,380.5 per dollar in the Nigerian Foreign Exchange Market.

Data from the Central Bank of Nigeria showed that the indicative exchange rate for the naira fell to N1,380.5 per dollar from N1,381.7 per dollar last weekend, indicating a N1.2 appreciation for the naira.

Consequently, the margin between the parallel and official markets widened to N39.5 per dollar, from N24.3 per dollar last weekend.

The interbank turnover at the NFEM fell by 21.2 per cent to N86.13 million yesterday, from N71.04 million recorded last weekend.