Naira gains N2 at parallel market, closes at N1,387/$

The naira strengthened by N2 against the United States dollar in the parallel market on Monday, closing at N1,387/$ compared with N1,389/$ recorded last Friday.

However, the local currency came under pressure at the Nigerian Foreign Exchange Market, where it weakened to N1,349.7/$ from N1,342.5/$ at the previous close.

Figures released by the Central Bank of Nigeria showed the official market movement translated to a N7.2 depreciation for the naira.

Following the latest movements, the gap between the parallel and official exchange rates narrowed to N37.3/$ from N47.5/$ recorded at the end of last week.

Meanwhile, turnover in the interbank foreign exchange market fell sharply to $18.77 million, representing an 84.9 per cent decline from the $124.3 million posted last Friday.