Nigeria’s foreign exchange market opened June positively as the naira strengthened against the British pound.
Naira Gains Momentum
Fresh Central Bank of Nigeria data showed the naira closed at ₦1,823/£1 on Friday, June 5, 2026.
The local currency also recovered modestly after traders pushed it near ₦1,845/£1 earlier this month.
CBN Liquidity Measures
Meanwhile, the Central Bank continued tightening liquidity across Nigeria’s financial system to stabilise the foreign exchange market.
Policymakers retained the Monetary Policy Rate at 26.5% and maintained the Cash Reserve Ratio at 45%.
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Consequently, these measures helped authorities reduce pressure on the naira.
Nigeria also maintained about $50 billion in foreign reserves, strengthening the apex bank’s intervention capacity.
In addition, crude oil prices traded near $100 per barrel, boosting foreign exchange earnings further.
Pound Under Pressure
Across international markets, the British pound weakened after strong US employment data boosted the dollar significantly.
Investors now expect possible Federal Reserve rate hikes, while the dollar climbed to a two-month high.
Consequently, the pound slipped below 1.34 against the dollar across emerging markets.
Meanwhile, manufacturers, importers and service providers continued demanding foreign currency across Nigeria.
The official exchange rate traded between ₦1,810/£1 and ₦1,815/£1, while the parallel market stayed above ₦1,850/£1.
