The Nigerian foreign exchange market opened on June 1, 2026 with the naira showing relative stability against the United States dollar, according to the latest data from official market sources.The Central Bank of Nigeria (CBN) reported that the naira closed at about ₦1,373.25 per dollar in the most recent trading session recorded on May 29, which served as the benchmark for the new trading day.

During the Nigerian Foreign Exchange Market (NFEM) session, the currency fluctuated within a narrow range, recording a high of ₦1,375 and a low of ₦1,372, showing that market movements were largely contained.

Analysts say this stability is mainly driven by improved liquidity in the foreign exchange system and increased activity in the interbank segment, which has helped balance demand pressures for dollars.Despite ongoing demand for foreign currency in the economy, the naira has continued to show resilience in recent weeks.

Market observers also linked the performance to continued reforms by the Central Bank of Nigeria aimed at improving transparency and efficiency in the FX market.

These measures, alongside better liquidity management, are believed to be helping reduce volatility and support a more predictable exchange rate environment.

Overall, the naira’s performance on June 1 reflects a relatively steady market condition, with no major shocks recorded, and traders are closely watching future CBN policy actions and liquidity trends to determine the direction of the currency in the coming weeks.