The naira appreciated to ₦1,625 per dollar in the parallel market on Monday, strengthening from ₦1,630 recorded over the weekend.
In the official Nigerian Foreign Exchange Market (NFEM), the naira also gained slightly, closing at ₦1,597 per dollar compared to ₦1,599 on Friday. This represents a ₦2 improvement, according to data from the Central Bank of Nigeria (CBN).
As a result, the gap between the official and parallel market rates narrowed to ₦28, down from ₦31 over the weekend.
The continued appreciation is seen as a positive sign for the local currency amid ongoing efforts to stabilise Nigeria’s foreign exchange market.