The naira on Monday further depreciated against the dollar at the parallel market.

The naira lost N1.50 to the dollar as it was traded at N225.5 to the dollar at the parallel market on Monday afternoon.

This is against the N224 to the dollar recorded last Friday.

Meanwhile, the official interbank rate also dropped by 0.05 to N196.95 to the dollar.

Traders at the parallel market attributed the depreciation of the naira at the market to insufficient quantity of dollar at the market.