ESM & CommonJS Dual Support in an Existing Node.js Project

I'm updating a Node.js project to support both CommonJS and ES Modules (Dual Package). My current issue appears when trying to load the module from the project root using exports field instead of main.

Project Structure

MiProject/
├── src/
│   ├── index.js  //CommonJS (module.exports)
│   └── index.mjs // ES Module (export default)
├── test/
│   ├── require.test.js  ← uses require('../')
│   └── import.test.js   ← uses import from '../'
└── package.json

Current Behavior

Inside test/require.test.js:

const mymodule = require('../'); 

This works only when package.json uses:

{
  "main": "./src/index.js"
}

But if I replace main with:

{
  "exports": "./src/index.js"
}

Node.js fails to load the module using require('../').

I need to implement conditional exports so the package can be imported using:

import mymodule from 'MiProject'; // ESM
const mymodule = require('MiProject'); // CommonJS

Meaning I must use exports instead of main, with support for both syntaxes.