Naira closed at ₦1,373.25 per dollar on May 29, according to the latest official exchange rate available at the start of trading on June 1.
Data from the Central Bank of Nigeria (CBN) showed that the Nigerian Foreign Exchange Market (NFEM) recorded a high of ₦1,375 and a low of ₦1,372 during the trading session.
The figures reflected a relatively stable performance for the local currency despite continued demand for the United States dollar.
Market analysts linked the naira’s stability to stronger interbank transactions and sustained liquidity across the foreign exchange market.
108scoop.com reports that recent reports indicated that increased activity in the interbank segment has helped support the naira in recent weeks.
The local currency has maintained a steady trend as the CBN continues market reforms and liquidity management measures.
In response to concerns over exchange rate volatility, the apex bank has focused on improving transparency and strengthening confidence in the foreign exchange market.
External Links
Central Bank of Nigeria Exchange Rate Data
Nigerian Foreign Exchange Market Information
International Monetary Fund Nigeria Overview
