Victor EzejaThe Nigerian naira began the new week of the new month of June on a positive note, recording significant appreciation across foreign exchange market windows.
At the official market, the Central Bank of Nigeria (CBN) data show that the naira exchanged N1,581.58 against the United States Dollar on Monday, 2 June. This reflects a N4.57 gain when compared to N1,586.15 it exchanged on Friday, 30 May.
Join our WhatsApp ChannelThe CBN data indicate that the naira, which closed at N1,580, traded between a high of N1,584 and a low of N1,579 per dollar on Monday.
Similarly, the naira strengthened at the parallel market, also known as the black market, to N1,615 on Monday, from N1,630 that it traded previously, reflecting a N15 gain.
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Analysts attribute this positive outlook of the naira on Monday to a surge in foreign portfolio investors and the upcoming Eid-el-Kabir holidays in Nigeria, scheduled for June 6 and 9, 2025.
While commenting on Nigeria’s microeconomic indicators, the CBN Governor, Dr Olayemi Cardoso, said that apart from inflation, which is showing signs of moderation, foreign exchange markets are stabilizing, and external reserves are strengthening.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
