The Nigerian naira traded with little movement against the United States dollar on Wednesday, June 3, 2026, in both the official and parallel foreign exchange markets, reflecting a relatively calm trading environment amid steady demand and supply conditions.
Figures from the Nigerian Foreign Exchange Market (NFEM) showed the local currency exchanging at about ₦1,373.25 to the dollar, largely unchanged from recent trading sessions. The rate represents the weighted average benchmark recognised by the Central Bank of Nigeria (CBN) for official transactions.
Available market indicators also suggested that the naira continued to fluctuate within the ₦1,370 to ₦1,375 range in the official market, underscoring the currency’s recent stability.
In the informal market, also referred to as the parallel market, dealers quoted the dollar at around ₦1,375 for purchases, while selling rates ranged between ₦1,385 and ₦1,400, depending on transaction size, location and prevailing market conditions.
The gap between official and parallel market rates remained relatively small, a development analysts link to improved foreign exchange liquidity and policy measures introduced to enhance transparency and efficiency in the forex market.
At current rates, $100 would convert to roughly ₦137,325 through the official NFEM window, while the same amount could attract between ₦138,500 and ₦140,000 in the parallel market.
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Market observers note that exchange rates can fluctuate during the day as a result of changes in demand, liquidity levels and dealer quotations across different segments of the foreign exchange market.
