The Nigerian naira traded within a relatively stable range against the United States dollar on Monday as market participants continued to monitor foreign exchange liquidity and demand across the country.
According to data released by the Central Bank of Nigeria (CBN), the official Nigerian Foreign Exchange Market (NFEM) rate closed at ₦1,373.25 per dollar on May 29, which remained the latest official benchmark at the start of trading on June 1. During the session, the exchange rate recorded a high of ₦1,375 and a low of ₦1,372.
Financial analysts attributed the relative stability of the local currency to improved liquidity in the foreign exchange market and increased activity within the interbank segment. They noted that stronger interbank transactions have helped support the naira despite continued demand for the US dollar.
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In the parallel market, also known as the black market, the naira exchanged at approximately ₦1,375 per dollar for buying, while selling rates ranged between ₦1,385 and ₦1,405 depending on location and dealer quotations.
Market monitoring platforms showed that the average parallel market selling rate hovered around ₦1,385 per dollar, leaving only a narrow gap between the unofficial market and the official NFEM rate.
The naira has maintained a relatively stable outlook in recent weeks as the CBN continues implementing foreign exchange reforms and liquidity management measures aimed at enhancing transparency, boosting investor confidence, and reducing market volatility.
However, exchange rates may still vary across commercial banks, bureaux de change, fintech platforms, and parallel market operators based on transaction volume, location, and prevailing market conditions.
