Naira Holds Steady at Official Market
The Nigerian naira maintained a stable performance against the United States dollar on Tuesday, June 2, 2026.
Data from the Central Bank of Nigeria (CBN) showed the official Nigerian Foreign Exchange Market (NFEM) rate remained at ₦1,373.25 per dollar.
Market participants attributed the stability to steady foreign exchange inflows and ongoing liquidity support measures by the apex bank.
Additionally, trading data placed the naira within the ₦1,370 to ₦1,372 range during official market transactions.
Black Market Rates Remain Higher
At the parallel market, also known as the black market, the dollar traded above the official rate.
Currency dealers quoted the dollar at about ₦1,395 for buying and ₦1,405 for selling on Tuesday morning.
Meanwhile, some market trackers reported an average selling rate of around ₦1,385 in major commercial cities, including Lagos.
Gap Between Markets Narrows
The difference between official and parallel market rates remained relatively small.
Analysts noted that the narrower gap reflects efforts to improve forex supply and strengthen market transparency.
Furthermore, recent regulatory measures have helped reduce volatility in the foreign exchange market.
Factors Driving Market Direction
Financial experts said several factors will influence the naira’s performance in the coming days.
These include foreign exchange inflows, import demand, external reserve levels and overall investor confidence.
Consequently, traders will continue to monitor market conditions closely for signs of further movement.
Current Dollar-to-Naira Rates
As of June 2, 2026:
- Official NFEM rate: ₦1,373.25 per dollar
- Parallel market buying rate: ₦1,395 per dollar
- Parallel market selling rate: ₦1,405 per dollar
However, exchange rates may vary depending on location, transaction size and dealer margins.
