The Nigerian naira traded within a relatively stable range against the United States dollar on June 1, 2026, as activity in both the official and parallel foreign exchange markets reflected ongoing liquidity conditions and demand pressures.
Data from the Central Bank of Nigeria indicated that the official Nigerian Foreign Exchange Market (NFEM) closed at approximately ₦1,373.25 per dollar, with intraday trading ranging between ₦1,372 and ₦1,375. This marked a continuation of recent stability observed in the currency market.
In the parallel market, also known as the black market, the dollar exchanged at about ₦1,375 for buying, while selling rates ranged between ₦1,385 and ₦1,405 depending on location and dealer pricing. The average selling rate hovered around ₦1,385 per dollar.
Market analysts linked the relative steadiness of the naira to improved interbank liquidity and sustained foreign exchange supply within the official market. They also noted that ongoing monetary policy measures by the Central Bank of Nigeria have contributed to reduced volatility in recent weeks.
Despite the stability, a gap remains between the official and parallel market rates, reflecting persistent demand for foreign currency outside formal channels. Exchange rates continue to vary across banks, fintech platforms, and bureau de change operators based on transaction size and market conditions.
Authorities have maintained that reforms in the foreign exchange system are aimed at improving transparency, stabilizing the naira, and narrowing the disparity between market segments.
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