The Naira gained strength in the parallel market on Monday, appreciating to N1,530/$ from N1,535/$ recorded last week. However, at the Nigerian Foreign Exchange Market (NFEM), the rate slightly weakened to N1,513/$ compared to N1,511.5/$ previously.
This shift reduced the gap between the official and parallel markets to N17 per dollar, down from N23.5/$, signaling improved stability in the forex market. Analysts say the development reflects ongoing adjustments in currency supply and demand dynamics.