The Nigerian naira remained relatively 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 levels and demand for foreign currency.
At the Nigerian Foreign Exchange Market (NFEM), the latest available official data showed the naira trading at approximately ₦1,373.25 per dollar, maintaining the level recorded at the close of the previous trading sessions.
The rate reflects the volume-weighted average exchange rate used by the market and recognised by the Central Bank of Nigeria (CBN).
Market data from currency tracking platforms also indicated that the official exchange rate remained within the ₦1,370–₦1,375 range, highlighting continued stability in the formal forex market.
In the parallel market, commonly known as the black market, the dollar exchanged at about ₦1,375 for buying and between ₦1,385 and ₦1,400 for selling, depending on location, transaction volume and dealer quotations.
The spread between the official and parallel market rates remained narrow, continuing a trend that has persisted in recent months.
Analysts attribute the convergence to improved forex liquidity and ongoing reforms aimed at boosting transparency in the foreign exchange market.
Based on prevailing market rates, $100 would exchange for approximately ₦137,325 at the official NFEM rate, while the same amount could fetch between ₦138,500 and ₦140,000 in the parallel market.
While challenges remain, recent trading patterns suggest that the naira has entered a period of relative stability compared to the heightened volatility witnessed in previous months.
Also, foreign exchange rates are subject to change throughout the trading day based on market conditions, demand, supply dynamics and dealer pricing.
