The naira traded within a relatively stable range against the United States dollar on Thursday, June 4, 2026, as the gap between the official and parallel foreign exchange markets remained narrow.
At the Nigerian Foreign Exchange Market (NFEM), the local currency exchanged at approximately ₦1,373 to the dollar, according to the latest data from the Central Bank of Nigeria (CBN) and market trackers. The official rate has largely hovered between ₦1,370 and ₦1,375 in recent trading sessions, reflecting continued stability in the formal foreign exchange market.
CBN data showed the naira closing at about ₦1,373.25/$, with intraday transactions occurring within the ₦1,372–₦1,375 range.
In the parallel market, commonly referred to as the black market, the dollar traded between ₦1,385 and ₦1,405, depending on location, transaction volume and dealer quotations.
Market observers noted that the spread between the official and parallel market rates remained relatively narrow, pointing to improved liquidity and stronger price convergence compared to wider disparities recorded in previous months.
Analysts attributed the naira’s recent stability to ongoing foreign exchange reforms, greater transparency in price discovery and periodic liquidity-enhancing interventions by monetary authorities. However, demand from importers, manufacturers and other foreign exchange users continues to exert pressure on the market.
As of June 4, 2026, the official NFEM exchange rate stood at approximately ₦1,373/$, while the parallel market rate ranged between ₦1,385 and ₦1,405/$.
