The Nigerian naira recorded a largely stable performance against the United States dollar on Friday, maintaining its position across both the official and parallel foreign exchange markets.
At the official Nigerian Foreign Exchange Market (NFEM), the naira traded at about ₦1,361 to the dollar, according to data from the Central Bank of Nigeria. The official exchange rate remained within the ₦1,359 to ₦1,365 range during the week, reflecting relative stability in the market.
The latest figures showed the naira closing at approximately ₦1,361.05 per dollar, continuing the modest gains recorded in recent weeks as foreign exchange supply improved.
Market analysts attributed the currency’s steady performance to increased liquidity in the official market, supported by ongoing measures aimed at strengthening confidence in the foreign exchange system.
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Naira now N1,398 /$ in parallel market
In the parallel market, popularly known as the black market, the dollar traded between ₦1,390 and ₦1,405, depending on location and transaction volume. Buying rates were generally quoted between ₦1,380 and ₦1,395, while selling rates ranged from ₦1,393 to ₦1,405 per dollar.
The difference between official and parallel market rates remained relatively narrow compared to previous months, a development many traders view as a sign of improving market stability.
Foreign exchange dealers noted that investor inflows, crude oil revenue and policy decisions by the Central Bank of Nigeria will continue to play a major role in determining the naira’s direction in the coming weeks.
As of June 5, 2026, the naira exchanged at around ₦1,361 per dollar in the official market, while transactions in the parallel market were conducted within the ₦1,390 to ₦1,405 range.
