Naira Gains N3.42 Against Dollar in Official, Black Markets

The Nigerian Naira remained steady against the US dollar on Thursday, June 3, in both the official and parallel markets, reflecting persistent pressure and volatility in the country’s foreign exchange environment.

‎In the black market, currency dealers in Abuja told Economic Confidential that the naira exchanged at ₦1,550/$1 for buying and ₦1,558/$1 for selling— unchanged from Wednesday’s ₦1,558/$1 closing rate.

Similarly, ‎at the official Nigerian Foreign Exchange Market (NAFEM), the Naira gained N3.42 against the dollar, trading N1,526.15 at the official market, an appreciation from previous day rate of ₦1,529/$1 amid commendation by the International Monetary Fund (IMF).

Data obtained from the website of the Central Bank of Nigeria (CBN) showed that the Naira appreciated by 0.22 per cent.