CBN Releases New Exchange Rates as Naira Appreciates by N5.74 at Official Market
- The Nigerian currency recorded mixed performance for the dollar in the foreign exchange market
- Against the dollar, the naira appreciated in the official market but fell in the unofficial markets
- There were also exchange rate changes against the British pound and the euro
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Naira further gained against the US Dollar by N5.74 or 0.42% in the Nigerian Foreign Exchange Market (NAFEM) on Tuesday, June 2nd, to trade at N1,361.05/ $1, down from Monday's rate of N1,366.95/ $1.
Also in the official market, the currency strengthened by 9kobo against the Pound Sterling, closing at N1,833.19/1, compared to N1,833.28/1 on Monday, and by N2.73 against the Euro to settle at N1,584.39/1, up from N1,587.12/1 recorded in the previous session.
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At the GTBank international forex counter also closed at N1,378/ $1.
In the black market, the movement for naira was different as the currency depreciated against the dollar.
A BDC trader, Abullalahi, who spoke to Legit.ng share the latest exchange rate as follow:
"The dollar traded at N1,383/$1 for buying and N1,393/$1 for selling, the pound at N1,845/1 for buying and N1,865/1 for selling and the euro at N1,583/1 for buying and N1,608/1 for selling."
Official market exchange rates at a glance:
- CFA: N2.43
- Yuan/ Renminbi: N201.26
- Danish Krone: N211.94
- Euro: N1,584.40
- Yen: N8.51
- Riyal: N362.62
- South African Rand: N83.80
- SDR: N1,869.24
- Swiss Franc: N1,729.63
- Pound Sterling: N1,833.20
- US Dollar: N1,361.05
- WAUA: N1,870.80
- UAE Dirham: N370.57
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CBN's FX movement
Meanwhile, the CBN data showed that total FX turnover dropped to $169.822 million on the exchange on Tuesday with 168 deals compared with $177.927 million recorded on Monday.
After the impressive run recorded in H1'26, it is projected that the CBN will keep supplying FX to the official market, bolstered by high oil prices expected to bolster the country's reserves.
The launch of the fourth edition of the CBN’s Foreign Exchange Manual is also expected to inject transparency into the system, with new provisions concerning import and export as well as personal travelling and trade allowances, and foreign remittances being put in place as the apex bank continues to strengthen transparency in the FX market.
CBN explains naira performance
Earlier, Legit.ng reported that the CBN says the Naira is not being artificially propped up, stressing that the stability witnessed recently is market-driven following reforms and increased liquidity.
He pointed out that after the past two years' reforms of the foreign exchange market, the market had become much more transparent and market-driven.
Cardoso explained that with the total market turnover jumping from an average of $361.1 million to between $550 million and $1 billion, it occasionally reflects greater liquidity.
Source: Legit.ng
