The Nigerian naira traded within a relatively stable range against the United States dollar on Tuesday, June 2, 2026, across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market, as traders continued to assess liquidity conditions and forex demand pressures.
According to data from the Central Bank of Nigeria (CBN), the official NFEM exchange rate stood at approximately ₦1,373.25 per dollar, based on the latest available trading figures. Market activity showed the currency moving within a narrow band of about ₦1,370 to ₦1,372 during official transactions.
The stability in the official market has been attributed to sustained foreign exchange inflows and policy measures aimed at improving liquidity and reducing volatility.
In the parallel market, also known as the black market, the dollar exchanged at around ₦1,395 for buying and ₦1,405 for selling, maintaining a premium over the official rate. Some informal traders in major commercial centres, including Lagos, reportedly quoted rates closer to ₦1,385 depending on demand and availability.
The gap between the official and parallel market rates remains relatively moderate compared to earlier fluctuations, reflecting gradual adjustments in market conditions and ongoing regulatory efforts.
Analysts say the naira’s short-term direction will depend on foreign exchange inflows, import demand, external reserves, and overall investor sentiment in the coming days.
At the close of trading, one US dollar averaged about ₦1,373.25 in the official market, while parallel market rates hovered between ₦1,395 and ₦1,405.