The naira began the new trading week on a mixed note on Monday, June 23, 2025, as it depreciated in the official market but appreciated slightly in the parallel market.
According to data published by the Central Bank of Nigeria (CBN), the naira fell by N1.16 against the U.S. dollar in the Nigerian Foreign Exchange Market (NFEM), trading at N1,548.5237/$1 compared to N1,547.3636/$1 recorded last Friday.
However, a different trend was observed in the parallel market, where the local currency gained strength, appreciating to N1,600/$1 from N1,605/$1 recorded over the weekend.
As a result of these movements, the exchange rate gap between the official and parallel markets narrowed to N52 per dollar, down from N58 per dollar on Friday.
