The naira recorded mixed fortunes in the foreign exchange market on Monday, appreciating to N1,357 per dollar in the parallel market from N1,362 at the weekend, while weakening slightly at the Nigerian Foreign Exchange Market (NFEM).
Data from the Central Bank of Nigeria (CBN) showed that the indicative exchange rate at the NFEM rose to N1,332.9 per dollar from N1,332 per dollar at the weekend, representing a 90-kobo depreciation in the value of the naira.
The movement in both markets narrowed the exchange-rate gap to N24.1 per dollar from N30 per dollar recorded at the weekend.
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The narrowing differential reflects the stronger performance of the naira in the parallel market despite its marginal depreciation at the official market.
Meanwhile, foreign exchange turnover at the NFEM fell sharply during the period.
Interbank turnover declined by 66 per cent to $72.12 million from $154.02 million recorded at the weekend.
The drop in turnover indicates a significant reduction in the volume of foreign exchange transactions conducted through the official market during the period.
