The Nigerian naira traded within a narrow 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 market participants continued to monitor foreign exchange liquidity and demand.
Data released by the Central Bank of Nigeria (CBN) showed the official NFEM exchange rate at ₦1,373.25 per dollar, based on the latest available trading figures. The official market has maintained relative stability in recent weeks, supported by improved forex inflows and the apex bank’s measures to enhance market liquidity.
Trading data also indicated that the naira exchanged between ₦1,370 and ₦1,372 per dollar during official transactions on June 2.
In the parallel market, popularly known as the black market, the dollar traded at about ₦1,395 for buying and ₦1,405 for selling on Tuesday morning, reflecting a modest premium over the official exchange rate. Some traders in major commercial hubs, including Lagos, quoted the dollar at around ₦1,385 in informal transactions.
The difference between the official and parallel market rates remained relatively small compared to previous months, suggesting continued improvements in forex supply and greater market transparency.
Financial analysts believe the naira’s short-term performance will largely depend on the level of foreign exchange inflows, import demand, Nigeria’s external reserves, and overall investor confidence.
As of Tuesday, the official market recorded the dollar at approximately ₦1,373.25, while rates in the parallel market ranged between ₦1,395 and ₦1,405.
