The Nigerian naira traded within a relatively stable range against the United States dollar across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market, as traders continued to monitor forex liquidity and market demand.
According to data released by the Central Bank of Nigeria (CBN), the official NFEM exchange rate closed at ₦1,373.25 per dollar on May 29, the latest available official rate at the commencement of trading on June 1. During the session, the market recorded a high of ₦1,375 and a low of ₦1,372.
Market analysts attributed the naira’s stability to improved activity in the interbank market and sustained liquidity within the foreign exchange sector. Reports indicate that increased interbank transactions have continued to support the local currency despite ongoing demand for dollars.
In the parallel market, popularly known as the black market, the dollar traded at about ₦1,375 for buying and between ₦1,385 and ₦1,405 for selling on June 1, depending on location and dealer rates.
Currency monitoring platforms showed the average black market selling rate at around ₦1,385 per dollar, while the official NFEM rate remained close to ₦1,373.25, resulting in a relatively narrow gap between the two markets.
The naira has maintained a steady performance in recent weeks as the CBN continues to implement market reforms and liquidity management measures aimed at enhancing transparency and reducing volatility in the foreign exchange market.
Exchange rates may, however, vary across commercial banks, bureaux de change, fintech platforms and parallel market operators, depending on transaction size, location and prevailing market conditions.