Nigeria’s currency gained new ground against the United States dollar on Thursday, falling below the N1,360/$ mark for the first time in four weeks as currency reforms and higher external reserves helped maintain market stability.
The News Chronicle reports that the naira closed in the official market on June 4, 2026, at N1,359.75, a slight improvement from the N1,360 recorded a day earlier. The most recent results, the currency’s best level since early May, indicate increasing faith in Nigeria’s foreign exchange market.
Data from the Central Bank of Nigeria revealed the naira traded within a narrow range of N1,356.75/$ to N1,361.50 during the session, therefore reflecting less volatility and enhanced liquidity. Interbank volume reached $128.17 million across 121 transactions, underscoring the strong involvement of financial firms.
The positive trend continues as Nigeria’s foreign reserves keep growing; they were $49.96 billion on June 3, with daily increases exceeding $155 million. Improved foreign currency inflows, continuous market changes, greater investor confidence, and sustained monetary policy measures help analysts to explain the naira’s recent strength.
The change helps confirm that the most recent attempts by the central bank to increase openness, liquidity, and efficiency in the foreign currency market are starting to yield tangible results, thereby inspiring fresh hope for companies and investors.
