The Naira further firmed up against the US Dollar by N5.74 or 0.42 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, June 2, trading at N1,361.05/$1 compared with the previous day’s N1,366.95/$1.
It was also the same scenario in the official market yesterday, where the Nigerian currency gained 9 Kobo against the Pound Sterling to close at N1,833.19/£1 versus N1,833.28/£1, and against the Euro, it appreciated by N2.73 to sell for N1,584.39/€1 compared with Monday’s rate of N1,587.12/€1.
At the parallel market, the Naira traded flat against the United States Dollar at N1,380/$1, and also closed flat at the GTBank forex counter at N1,378/$1.
Data showed that FX turnover declined to $169.822 million across 168 deals, from $177.927 million in the previous day.
Following the stellar performance witnessed in the first half of 2026, there are expectations that the Central Bank of Nigeria (CBN) will continue to inject FX inflows into the official market, while elevated oil prices in the global commodity market will buoy the country’s FX reserves.
The launch of the fourth edition of the CBN’s Foreign Exchange Manual is also expected to make rules clearer in the country’s financial system, including the introduction of new measures covering imports, exports, travel allowances, trade finance, and foreign remittances as the apex bank seeks to improve transparency and efficiency in the FX market.
In the cryptocurrency market, there was a reversal in spikes seen in April price levels amid a price sell-off triggered by geopolitical uncertainties as well as attractiveness of traditional markets, where stocks are near record highs, and the Dollar index remains rangebound.
Bitcoin (BTC) slipped by 4.1 per cent to $67,352.62, Binance Coin (BNB) slumped by 5.6 per cent to $644.72, Solana (SOL) declined by 5.6 per cent to $75.09, Ethereum (ETH) fell by 5.3 per cent to $1,878.96, and Dogecoin (DOGE) depreciated by 5.2 per cent to $0.0942.
Further, Cardano (ADA) dipped by 3.7 per cent to $0.2158, Ripple (XRP) went down by 2.2 per cent to $1.24, TRON (TRX) dropped 2.0 per cent to sell at $0.3330, the US Dollar Tether (USDT) shed 0.14 per cent to settle at $0.9986, and the US Dollar Coin (USDC) slipped by 0.03 per cent to $0.9997.