The naira strengthened to N1,390 per dollar in the parallel market on Monday, further narrowing the spread between the unofficial and official foreign exchange windows.
Data from street traders indicated the currency appreciated by N30 — about 2.16 per cent — from N1,420 quoted on Friday, underscoring sustained pressure on the dollar in the informal segment.
The latest movement trimmed the exchange-rate differential to about N35, down from N92 recorded last Wednesday, pointing to continued convergence between the two markets.
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By Friday, the gap had already eased to N65 as Bureau De Change operators positioned to access fresh dollar supply from banks following the reopening of the retail FX window by the Central Bank of Nigeria.
At the official window, however, the naira posted a marginal depreciation for the second time last week. It slipped by N1.76 to close at N1,355.42 per dollar on Friday, compared with N1,353.66 on Thursday — a decline of 0.13 per cent, according to data from the apex bank.
Overall, the narrowing spread reflects improving alignment between the parallel and official markets amid policy-driven liquidity injections and evolving supply dynamics in the foreign exchange space.
