The naira depreciated to N1,520 to a dollar at the parallel section of the foreign exchange (FX) market on Monday.
This indicates a 3.4 per cent decline from the N1,470/$ traded on Friday, May 10.
Bureau de change (BDC) operators bought the dollar at N1,490 and sold at N1,520 — leaving a profit margin of N30.
At the official window, the naira depreciated by 0.80 per cent against the dollar to close at N1,478.11 on Monday — from the N1,466.31 traded on Friday.
On the FMDQ Securities Exchange, a platform that oversees official FX trading in Nigeria, an exchange rate of N1,490 to the dollar was the highest rate recorded during trading and the lowest rate was N1,322/$.
