The naira strengthened against the United States dollar on Monday, appreciating in both the parallel market and the Nigerian Foreign Exchange Market (NFEM).
In the parallel market, the local currency gained ₦7 to close at ₦1,408 per dollar, compared with ₦1,415 per dollar recorded at the close of trading last Friday.
Similarly, the naira appreciated in the official market, with data from the Central Bank of Nigeria (CBN) showing that the indicative exchange rate improved to ₦1,365 per dollar from ₦1,368 per dollar at the end of last week, representing a gain of ₦3.
As a result, the gap between the parallel market rate and the official exchange rate narrowed to ₦43 per dollar from ₦47 per dollar recorded on Friday.
Meanwhile, trading activity in the official foreign exchange market increased significantly. Interbank turnover on the NFEM rose by 132.3 per cent to US$137.05 million on Monday, up from US$58.99 million recorded at the close of trading last Friday.
