The Nigerian naira maintained relative stability against the United States dollar on Wednesday, June 3, 2026, in both the official and parallel foreign exchange markets as traders continued to monitor market liquidity and demand for foreign currency.
At the Nigerian Foreign Exchange Market (NFEM), the naira traded at about ₦1,373.25 to the dollar, sustaining the level recorded in previous trading sessions. The rate represents the volume-weighted average exchange rate recognised by the Central Bank of Nigeria.
Market observers noted that the official exchange rate remained within the ₦1,370 to ₦1,375 range, reflecting continued stability in the formal foreign exchange market.
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In the parallel market, popularly known as the black market, the dollar exchanged at approximately ₦1,375 for buying and between ₦1,385 and ₦1,400 for selling, depending on location, transaction size and dealer quotations.
The difference between the official and parallel market rates remained relatively narrow, a trend analysts attribute to improved foreign exchange liquidity and ongoing reforms aimed at enhancing transparency and efficiency in the market.
Based on prevailing rates, $100 was valued at about ₦137,325 in the official market, while the same amount could attract between ₦138,500 and ₦140,000 in the parallel market.
Financial analysts noted that exchange rates could fluctuate during the day depending on demand and supply conditions, market sentiment, foreign exchange inflows and dealer pricing across different locations.
