Di naira hold ground against dollar for official market as at June 1, 2026, according to latest data from Central Bank of Nigeria. For di Nigerian Foreign Exchange Market (NFEM), di rate open at high of ₦1,375 and low of ₦1,372 for di trading session. Market analysts say di relative stability na because of better interbank transactions and steady liquidity for forex market.
Recent reports show say increased activity for interbank segment don help support di local currency, even as demand for dollar still strong. Di naira don remain steady for recent weeks as CBN continue di market reforms and liquidity management, wey aim to improve transparency and reduce wahala for forex market.
For June 2, di naira extend appreciation against dollar for official market. For black market, di naira remain unchanged at N1,395 per dollar, same rate as June 1. Recall say on Monday, di naira also gain against dollar.
Nigeria external reserves rise by $1.22 billion to $49.58 billion for May, according to CBN data. Di increase show stronger forex inflows, ongoing economic reforms, and CBN efforts to stabilize forex market. Nigeria reserves cross $49 billion mark on May 25 and continue rise. Di latest figure be one of di highest reserve levels for recent years, and bring di country close to $50 billion milestone.
Higher reserves improve Nigeria ability to meet foreign obligations and support naira stability. CBN Governor Olayemi Cardoso recently talk say di strong reserve position continue to boost investor confidence and support exchange-rate stability. Di reserves don strengthen significantly over past year following forex reforms by Federal Government and CBN. Di growth for reserves don also coincide with improvements for forex market. CBN don maintain tight monetary policy to help control inflation and keep exchange rate stable.
