The naira recorded gains against the United States dollar on the first trading day of the week, appreciating in both the parallel market and the official Nigerian Foreign Exchange Market (NFEM).
At the parallel market, popularly known as the black market, the local currency strengthened to N1,408 per dollar, improving from N1,415/$ recorded at the close of trading last weekend.
The naira also posted gains in the official market, where data released by the Central Bank of Nigeria (CBN) showed that the indicative exchange rate appreciated to N1,365 per dollar, compared with N1,368/$ at the previous close.
The latest figures indicate a N3 appreciation in the official market, reflecting continued stability in the exchange rate.
As a result of the gains recorded in both markets, the exchange rate gap between the parallel market and the official window narrowed to N43 per dollar, down from N47/$ recorded last Friday.
Meanwhile, trading activity in the Nigerian Foreign Exchange Market increased significantly, with interbank turnover surging by 132.3 per cent.
CBN data showed that the volume of transactions rose to $137.05 million, up sharply from $58.99 million recorded at the end of last week, indicating stronger market participation.
