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    The Nigerian naira recorded a modest improvement against the United States dollar on Monday, closing at ₦1,357.26 per dollar at the official foreign exchange market, while the greenback traded at ₦1,398 per dollar in the parallel market.

    Latest trading figures showed the local currency maintaining a stable position across both market segments despite continued attention on foreign exchange availability and demand pressures.

    At the official window, the naira strengthened slightly from levels seen at the beginning of June, extending the gradual recovery recorded in recent sessions.

    The parallel market also remained relatively calm, with Bureau De Change operators quoting the dollar at around ₦1,388 for purchase and ₦1,398 for sale on June 8.

    Narrower gap boosts market confidence

    The spread between official and unofficial exchange rates remained considerably lower than levels witnessed in previous years, a development market participants say reflects improving efficiency within the foreign exchange system.

    Financial analysts noted that recent reforms and liquidity measures have contributed to better price alignment between both markets, reducing opportunities for significant rate disparities.

    Recent data from the official trading window showed the naira gaining nearly ₦4 against the dollar compared with earlier trading levels, signalling a modest improvement in market sentiment.

    Market outlook tied to forex inflows

    Experts believe the direction of the naira in the coming days will largely depend on the volume of foreign exchange entering the economy.

    Factors such as crude oil revenue, investor confidence, remittance inflows and overall market liquidity are expected to play a key role in determining future exchange rate movements.

    Currency traders also cautioned that rates may differ across locations and transaction sizes due to varying levels of demand and foreign currency availability.

    Using the latest exchange rates, $100 was valued at about ₦135,726 at the official market and approximately ₦139,800 at the parallel market.

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