The Naira recorded a slight gain in the parallel market, appreciating to N1,387 per dollar on Monday from N1,389 per dollar last Friday.
However, the local currency weakened in the Nigerian Foreign Exchange Market (NFEM), where it depreciated to N1,349.7 per dollar.
Figures released by the Central Bank of Nigeria (CBN) indicated that the indicative exchange rate rose from N1,342.5 per dollar at the close of last week to N1,349.7 per dollar, representing a depreciation of N7.2.
As a result of these movements, the gap between the parallel market and the official market narrowed to N37.3 per dollar, compared to N47.5 per dollar recorded last weekend.
Meanwhile, activity in the interbank foreign exchange market declined significantly. NFEM turnover dropped to N18.77 million on Monday, marking an 84.9 per cent decrease from the N124.3 million recorded last Friday.
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