Nigeria’s currency (naira) continued its upward trajectory on Wednesday, June 3, 2026, recording a third consecutive gain against the United States dollar across the official foreign exchange market.
Data from market trackers showed the naira traded within the ₦1,370–₦1,375 range at the Nigerian Foreign Exchange Market (NFEM), reflecting sustained stability in the formal currency market amid ongoing efforts to improve liquidity and strengthen investor confidence.
At the official market rate, $100 exchanged for approximately ₦137,325, indicating a marginal appreciation of the local currency compared with previous trading sessions.
Market analysts attributed the naira’s recent performance to improved foreign exchange supply, tighter market regulation, and growing confidence in the country’s economic reform programme.
Recent market data also showed the USD/NGN exchange rate hovering around the ₦1,367 mark, underscoring the currency’s resilience and extending the positive momentum recorded over the past few trading days.
Meanwhile, activity in the parallel market remained relatively stable. Dealers quoted the dollar between ₦1,375 and ₦1,400, depending on transaction size and location.
The continued appreciation of the naira comes as the federal government maintains that recent economic reforms are helping to stabilise key macroeconomic indicators and restore confidence among domestic and foreign investors.
Financial market observers will be watching closely to see whether the local currency can sustain its current momentum in the coming sessions, particularly as global market conditions and foreign exchange inflows continue to influence exchange rate dynamics.
