The Nigerian naira remained largely stable against the United States dollar on Tuesday, June 2, 2026, across the official and parallel foreign exchange markets, as investors and traders continued to assess liquidity levels and demand for foreign currency.
Latest figures from the Central Bank of Nigeria (CBN) showed the naira closing at ₦1,373.25 per dollar at the Nigerian Foreign Exchange Market (NFEM), maintaining the relatively steady trend recorded in recent trading sessions. Market participants attributed the currency’s resilience to sustained forex inflows and policy measures introduced by the apex bank to support liquidity in the market.
Official market data also indicated that the naira traded within the ₦1,370 to ₦1,372 range during transactions on Tuesday, reflecting minimal fluctuations.
In the parallel market, however, the dollar continued to command a higher rate. Bureau de Change operators quoted the greenback at about ₦1,395 for buying and as high as ₦1,405 for selling in some locations. Other dealers in major commercial centres, including Lagos, reported average rates of around ₦1,385 per dollar.
Despite the disparity, the spread between the official and unofficial markets remained narrower than levels seen in previous months, suggesting gradual improvement in foreign exchange availability and market confidence.
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Analysts said the naira’s performance in the coming days would largely depend on factors such as forex inflows, import-related demand, external reserve strength, and overall investor sentiment.
At the official market, one dollar exchanged for approximately ₦1,373.25, while rates in the parallel market ranged between ₦1,395 and ₦1,405.
Foreign exchange rates may vary across banks, Bureau de Change operators, fintech platforms and informal traders depending on transaction size, location and prevailing market conditions.
Yesterday, data published by the CBN showed that the official NFEM exchange rate closed at ₦1,373.25 per dollar on May 29, the latest available benchmark rate at the start of trading on June 1. During the session, the market recorded a high of ₦1,375 and a low of ₦1,372 per dollar.
Market analysts attributed the naira’s relative stability to improved interbank trading activity and sustained liquidity within the foreign exchange market. Increased turnover in the interbank segment has helped support the local currency despite persistent demand for foreign exchange from importers and other market participants.
In the parallel market, commonly referred to as the black market, the dollar traded at about ₦1,375 for buying and between ₦1,385 and ₦1,405 for selling, depending on location and dealer quotations.
