The Nigerian naira traded at ₦1373.25 to the dollar on the official market on Tuesday, June 2, 2026, while the currency traded between ₦1395 and ₦1405 to the dollar on the parallel market, reflecting a relatively stable performance across the overseas stock market.
Data released by the Central Bank of Nigeria (CBN) showed that the last official exchange rate of the Nigerian Foreign Exchange Market (NFEM) was ₦1373.25 to the US dollar.
The local currency maintained a stable position in the last trading sessionssupported by improved foreign exchange inflows and policy measures aimed at increasing market liquidity.
Market watchers also reported that the naira traded within a range of 1,370 to 1,372 pounds in official transactions on June 2, indicating limited fluctuations during the trading period.
On the parallel market, popularly known as the black market, the dollar was being bought at around £1,395 and sold at around £1,405 on Tuesday morning.
Some currency traders in major commercial hubs, including Lagos, quoted the dollar at about ₦1385, noting the slight variation in exchange rates across locations.
The difference between the official and parallel market rates remained relatively small compared to the larger differences seen in previous months, a development analysts attributed to ongoing efforts to improve forex accessibility and transparency.
Experts say the naira’s performance in the coming days will largely depend on the level of foreign exchange inflows, import demand, foreign reserves and general market sentiment.
For businesses and individuals seeking foreign currency, exchange rates may vary slightly depending on the size of the transaction, location and merchant’s margins.
