The naira appreciated to ₦1,357 per dollar in the parallel market from ₦1,362 recorded last weekend.
However, the local currency depreciated slightly at the Nigerian Foreign Exchange Market (NFEM), with the indicative exchange rate weakening to ₦1,332.9 per dollar from ₦1,332 recorded last weekend.
Data from the Central Bank of Nigeria (CBN) showed that the latest movement represented a 90-kobo depreciation in the value of the naira against the US dollar in the official market.
Consequently, the gap between the parallel and official exchange rates narrowed to ₦24.1 per dollar from ₦30 per dollar recorded last weekend.
Meanwhile, trading activity in the NFEM declined significantly during the period.
Interbank turnover fell by 66 per cent to $72.12 million from $154.02 million recorded last weekend.
The latest figures indicate a divergent movement in the naira’s value across the parallel and official foreign exchange markets, alongside a decline in transaction volume in the NFEM.
