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Home ยป Naira Appreciates to N1,579/$1 as Market Confidence Grows

Naira Appreciates to N1,579/$1 as Market Confidence Grows

Latifat Fashina by Latifat Fashina
June 4, 2025
in Finance
0
Naira vs Dollar | Asset management
Nigerian Currency

Nigerian Currency

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The naira appreciated in the official market on Tuesday, closing at N1,579/$1, up from the last close of N1,582/$1.

The Nigerian currency’s upward momentum waxed stronger on Tuesday, strengthening by 0.19% against the U.S. dollar.

According to data from the Nigerian Foreign Exchange Market (NFEM), the naira traded between N1,577/$1 and N1,582/$1 during the dayโ€™s session.

In the parallel market, the nairaโ€™s performance was mixed. It depreciated by 0.31% against the dollar, falling to N1,610/$1 from N1,605/$1.

However, it appreciated by 0.23% against the British pound, trading at N2,140/ยฃ1 compared to the previous N2,145/ยฃ1. The naira also strengthened against the euro, gaining to N1,780/โ‚ฌ1, from the prior N1,785/โ‚ฌ1.

The nairaโ€™s continued appreciation in the official market shows an improvement in the economy, reflecting growing confidence in the Nigerian currency and potential stability in the foreign exchange market.

The Central Bank of Nigeria’s (CBN) strategic interventions will be crucial in maintaining the positive momentum.

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Latifat Fashina

Latifat Fashina

LATIFAT FASHINA is the Business/Finance Reporter at Techeconomy. She can be reached via: latifat.fashina@techeconomy.ng

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