The naira showed a mixed performance on Monday, appreciating slightly in the parallel market while slipping further at the Nigerian Foreign Exchange Market (NFEM).
Figures from market operators indicated that the local currency strengthened to ₦1,530 per dollar in the parallel market, an improvement from ₦1,535 per dollar recorded last Thursday.
However, official data published by the Central Bank of Nigeria (CBN) revealed a contrasting trend at the NFEM, where the exchange rate weakened to ₦1,513 per dollar, compared to ₦1,511.5 per dollar last week. This represents a marginal depreciation of ₦1.5.
The divergence in movement across both markets has now narrowed the premium between the parallel market and official window to ₦17 per dollar, down from ₦23.5 per dollar recorded on Thursday.
Analysts note that the shrinking gap between the two rates may signal efforts by the monetary authorities to align market dynamics, though concerns remain about volatility and speculative activities driving fluctuations.