The naira appreciated slightly in the parallel market on Monday, trading at ₦1,600 per dollar, compared to ₦1,605 last weekend.
However, it weakened at the official Nigerian Foreign Exchange Market (NFEM), where it traded at ₦1,550 per dollar, down from ₦1,547 recorded last Friday. This represents a ₦3 drop in value.
According to data from the Central Bank of Nigeria (CBN), the difference between the official and parallel market rates has reduced to ₦50, compared to ₦58 last week.
The narrowing gap reflects ongoing market adjustments as the government works to stabilise the exchange rate and boost investor confidence.