The Nigerian naira remained largely stable against the United States dollar on Wednesday, June 3, 2026, across both the official and parallel foreign exchange markets, as traders continued to monitor liquidity conditions and demand for foreign currency.
At the Nigerian Foreign Exchange Market (NFEM), the latest available data showed the naira trading at approximately ₦1,373.25 per dollar, unchanged from levels recorded in recent trading sessions. The rate represents the volume-weighted average exchange rate recognised by the Central Bank of Nigeria (CBN).
Data from foreign exchange monitoring platforms also indicated that the official market rate remained within the ₦1,370–₦1,375 range, underscoring the relative stability that has characterised the formal forex market in recent weeks.
In the parallel market, commonly referred to as the black market, the dollar traded at around ₦1,375 for buying and between ₦1,385 and ₦1,400 for selling, depending on location, transaction size and dealer quotations.
The gap between official and parallel market rates remained relatively narrow, extending a convergence trend observed in recent months. Market analysts attribute this development to improved foreign exchange liquidity, increased market confidence and ongoing reforms designed to enhance transparency and efficiency within Nigeria’s forex market.
Based on prevailing exchange rates, $100 would convert to approximately ₦137,325 at the official NFEM rate, while the same amount could fetch between ₦138,500 and ₦140,000 in the parallel market.
However, foreign exchange rates remain subject to fluctuations throughout the trading day, influenced by changes in market conditions, demand and supply dynamics, as well as dealer pricing.
