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...Naira Gains Slightly at Official Market, Weakens at Black Market.
Dollar to Naira Exchange Rate – June 2, 2025
As Nigeria ushers in a new month, the dollar to naira exchange rate continues to fluctuate between the official and parallel markets. On Monday, June 2, 2025, the naira showed mixed results — gaining modest ground at the official market while weakening in the black (parallel) market.
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TJ News Nigeria gathered that despite recent economic reforms and improved investor confidence, Nigeria’s currency still faces demand pressure and liquidity challenges in the foreign exchange (forex) market.
📊 Dollar to Naira Exchange Rate Today
Official CBN Rate – I&E Window (NAFEM)
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- ₦1,585.50 per $1
- Gained 1.28% compared to ₦1,606 recorded earlier in May
- Trading range last week: ₦1,579 to ₦1,592
Parallel Market (Black Market) Rate
- ₦1,630 per $1
- Lost 1.24% from ₦1,610 at the beginning of May
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💹 Key Market Indicators
| Market Type | Rate (₦ per $1) | Change (%) |
|---|---|---|
| Official Market | ₦1,585.50 | +1.28% |
| Black Market | ₦1,630 | -1.24% |
| Projected June Avg. | ₦1,579 | Expected rise |
📈 What Is Driving the Exchange Rate Fluctuations?
TJ News Nigeria learned that several economic and market-based factors are contributing to the current disparity between official and black market exchange rates:
- CBN Reforms: The Central Bank of Nigeria continues to implement monetary policy changes aimed at stabilizing the naira.
- Improved Reserves: Foreign reserves have seen a marginal increase, boosting confidence in the official market.
- Liquidity Gaps: Despite reforms, the supply of dollars in the informal sector remains tight, sustaining higher black market rates.
- Investor Sentiment: Increased demand for Nigerian assets from investors is helping to stabilize the naira officially.
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🏦 CBN Policies and Market Confidence
Nigeria’s Central Bank has reaffirmed its commitment to exchange rate unification and market-driven pricing mechanisms. Recent policy moves include:
- Reducing the backlog of forex demands
- Strengthening external reserves
- Enhancing transparency in forex trading
Moody’s Investor Services recently upgraded Nigeria’s credit rating from Caa1 to B3, citing improved monetary policy management and fiscal reforms.
🌍 Global and Domestic Reactions
TJ News Nigeria reports that the slight recovery of the naira has been met with cautious optimism. However, stakeholders warn that:
- Exchange rate stability depends heavily on sustained capital inflow
- Inflation pressures and rising fuel prices could undermine gains
- The parallel market still reflects the true cost of dollar scarcity
🔮 Dollar to Naira Forecast for June 2025
Experts forecast that the naira may appreciate modestly during June if current trends continue. Key projections include:
- Average rate: ₦1,579 per dollar
- Range: ₦1,540 – ₦1,615
- Factors to watch:
- Oil prices and export revenue
- CBN’s forex market interventions
- External debt repayments and capital inflows
🔁 Exchange Rate Summary — June 2, 2025
- ✅ CBN Official Rate: ₦1,585.50/$1
- ❌ Parallel Market Rate: ₦1,630/$1
- 📉 Spread Between Markets: ₦44.50
📝 What This Means for Nigerians
For businesses, importers, and travellers, the current rates mean:
- Higher costs in the black market for dollar-based transactions
- More stability in official banking channels
- Caution needed when exchanging large volumes of forex
TJ News Nigeria advises all stakeholders to use official channels where possible and remain updated on market developments.
📰 Final Take: Dollar to Naira Update
The dollar to naira exchange rate today, Monday, June 2, 2025, shows that while the Central Bank’s efforts are yielding results in the official forex market, challenges persist in the parallel segment. Going forward, Nigeria’s forex outlook will be shaped by the government’s ability to balance supply and demand in a volatile economic landscape.
Stay tuned with TJ News Nigeria for daily updates on the naira, CBN news, forex trends, and economic analysis.
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