By Ayomide Otitoju
The naira exchanged at ₦1,373.25 to the United States dollar in the Nigerian Foreign Exchange Market (NFEM) on Tuesday, according to data released by the Central Bank of Nigeria (CBN).
Market trackers also indicated that the local currency traded within the ₦1,370 to ₦1,372 range against the dollar in official market transactions on June 2.
At the parallel market, currency traders quoted the dollar between ₦1,395 and ₦1,405, reflecting a modest gap between the official and unofficial exchange rates.
Analysts said the near-term performance of the naira would depend largely on the level of foreign exchange inflows, import demand, the strength of Nigeria’s external reserves, and overall market sentiment.
The exchange rate continues to be closely monitored by businesses, investors and policymakers amid ongoing efforts to stabilise the foreign exchange market and support the value of the local currency.
