The Nigerian naira recorded a slight appreciation against the United States dollar in the official foreign exchange market, trading at approximately ₦1,357.26 per dollar.
Data from the Nigerian Foreign Exchange Market (NFEM) showed the local currency improving from levels above ₦1,360/$ recorded earlier in June.
The development offers a modest boost to market confidence as authorities continue efforts to stabilise the foreign exchange market and improve liquidity.
Economic analysts say exchange rate movements remain closely tied to factors such as foreign exchange supply, investor confidence, oil revenue performance, and broader economic conditions.
While the latest appreciation is relatively small, it reflects ongoing adjustments within Nigeria's foreign exchange system.
Businesses and consumers continue to monitor exchange rate trends closely due to their impact on import costs, inflation, and overall economic activity.
The performance of the naira remains a key indicator watched by investors and policymakers as the government pursues broader economic reforms.