The naira recorded a slight decline on Monday, weakening to N1,415 per dollar in the parallel market, compared to N1,405 per dollar at the close of trading last Friday.

A similar trend was observed in the Nigerian Foreign Exchange Market (NFEM), where the currency depreciated to N1,386.75 per dollar.

Figures released by the Central Bank of Nigeria (CBN) showed that the indicative exchange rate rose from N1,384.25 per dollar recorded at the end of last week, representing a depreciation of N2.5 for the local currency.

As a result of the latest movements, the gap between the parallel market and the official window widened to N28.25 per dollar, up from N20.75 per dollar recorded over the weekend.