The naira appreciated to N1,560/ in the parallel market on Monday, up from N1,565/ last Friday. However, in the Nigerian Foreign Exchange Market (NFEM), it depreciated slightly to N1,538.4/, compared to N1,534.9/$ last weekend — a drop of N3.5.
As a result, the gap between the official and parallel market rates narrowed to N21.6, down from N30.1 last weekend, reflecting a slight convergence in exchange rates
