Naira closed at ₦1,373.25 per dollar on May 29, according to the latest available official rate at the start of trading on June 1. Data published by the Central Bank of Nigeria showed that the official Nigerian Foreign Exchange Market (NFEM) exchange rate noted that the market recorded a high of ₦1,375 and a low of ₦1,372 during the trading session.
Market analysts attributed the relative stability of the naira to improved interbank transactions and sustained liquidity in the foreign exchange market. READ ALSO: Macron Announces £93bn In ‘Choose France’ Investments Recent reports indicated that increased activity in the interbank segment has helped support the local currency despite persistent demand for dollars.
The naira has remained relatively steady in recent weeks as the CBN continues its market reforms and liquidity management efforts aimed at improving transparency and reducing volatility in the foreign exchange market.