The naira depreciated at the parallel section of the foreign exchange (FX) market on Monday.
Currency dealers, often referred to as bureau de change (BDC) operators, put the value of the naira at N1,520 to the US dollar at the Lagos street market.
With a N30 profit margin, the dealers set the buying price of the dollar at N1,490 and the selling price at N1,520.
The amount shows a N10, or 0.66 percent, decrease from the N1,510/$ transacted on May 24.
On the official market, however, the value of the naira increased on Monday from N1,482.81/$ on May 24 to N1,339.33/$, or 9.6%, higher.
According to FMDQ Exchange, a platform that oversees official FX trading in Nigeria, during trading hours, N1,501/$ was the highest exchange rate and N1,310/$ was the lowest.
At the official window, a daily turnover of $180.80 million was recorded.
The Association of Bureau De Change Operators of Nigeria (ABCON), on May 23, said the weakening of the naira is caused by the unearned income pursuing the local currency and not due to demand for the dollar.
Aminu Gwadabe, president of ABCON, also said corruption, not BDCs, is responsible for the depreciation of the naira.
