The Nigerian naira traded within a narrow range against the United States dollar on June 1, 2026, as market participants monitored foreign exchange liquidity and demand conditions.
Recent data from the Central Bank of Nigeria (CBN) showed that the official Nigerian Foreign Exchange Market (NFEM) rate closed at ₦1,373.25 per dollar on May 29, the latest available official rate at the start of trading on June 1.
Official Market Maintains Stability
The official market recorded a high of ₦1,375 per dollar and a low of ₦1,372 during the previous trading session.
Analysts linked the naira’s stability to improved liquidity and stronger activity within the interbank foreign exchange market.
According to market observers, sustained dollar supply has helped support the local currency despite continued demand from businesses and importers.
Black Market Rates Remain Close to Official Rate
Meanwhile, activity in the parallel market showed only a slight difference from the official rate.
On June 1, the dollar traded at about ₦1,375 for buying. Selling rates ranged between ₦1,385 and ₦1,405, depending on location and dealer quotations.
Currency monitoring platforms placed the average black market selling rate at approximately ₦1,385 per dollar.
As a result, the gap between the official and parallel markets remained relatively narrow.
CBN Reforms Support Market Confidence
The naira has maintained a steady performance in recent weeks.
Analysts believe the Central Bank’s ongoing reforms and liquidity management measures have contributed to improved confidence in the foreign exchange market.
In addition, efforts to increase transparency and reduce volatility have helped create a more stable trading environment.
Rates May Differ Across Channels
Despite the published rates, exchange values may vary across financial institutions and trading platforms.
Banks, bureaux de change, fintech companies and parallel market dealers often offer different rates based on transaction size, location and prevailing market conditions.
Consequently, customers may encounter slight variations when buying or selling foreign currency.
Outlook for the Naira
Market participants will continue to monitor foreign exchange inflows, liquidity levels and policy developments in the coming weeks.
For now, the naira remains relatively stable, supported by stronger interbank activity and ongoing efforts to improve efficiency in Nigeria’s foreign exchange market.
