The Naira experienced mixed fortunes in the foreign exchange markets on Monday.

In the parallel market, the currency appreciated to N1,470 per dollar from N1,476 per dollar recorded at the close of last weekend.

Conversely, the Naira registered a depreciation within the Nigerian Foreign Exchange Market (NFEM). The exchange rate in the NFEM stood at N1,450 per dollar.

Data officially published by the Central Bank of Nigeria confirmed this depreciation in the official market. The figures indicated that the exchange rate for the Naira rose to N1,450 per dollar from its rate of N1,446.9 per dollar last weekend. This change represents a N3.1 depreciation for the naira.

As a consequence of these movements, the difference, or margin, between the rate in the parallel market and the rate in the NFEM narrowed considerably. The margin reduced to N20 per dollar yesterday, down from the N29.1 per dollar recorded on Friday of last week.