This article is concerned with the spectral problem{dϕ1(x)=ϕ2(x)dh(x),dϕ2(x)=ϕ3(x)dg(x),dϕ3(x)=−λϕ1(x)dx, x∈(−1,1),ϕ2(−1)=0, ϕ3(−1)=0, ϕ3(1)=0,which is associated with the two-component Novikov equation. The coefficients g and h are functions of bounded variation. The first aim is to prove the continuous dependence of the n-th eigenvalue on the coefficients g and h with different topologies; in addition, we discuss the Fréchet differentiability of the algebraically simple eigenvalues on the coefficients g, h with respect to the norm topology of total variations. Secondly, utilizing the theory of oscillatory (non-symmetric) kernels, conditions on g, h under which the spectrum is nonnegative and algebraically simple are obtained. Finally, we solve the extremal problems of the lowest nonzero eigenvalue, when the norm ‖⋅‖V of the coefficients g, h is given. The latter can be seen as an application of our first two main results and the trace formulas.