The Nigerian naira traded within a relatively stable range against the United States dollar across the official Nigerian Foreign Exchange Market (NFEM) and the parallel market as traders monitored forex liquidity and market demand.
Data published by the Central Bank of Nigeria showed that the official NFEM exchange rate closed at ₦1,373.25 per dollar on May 29, the latest available official rate at the start of trading on June 1. The market recorded a high of ₦1,375 and a low of ₦1,372 during the trading session.
Market analysts attributed the relative stability of the naira to improved interbank transactions and sustained liquidity in the foreign exchange market. Recent reports indicated that increased activity in the interbank segment has helped support the local currency despite persistent demand for dollars.
In the parallel market, commonly referred to as the black market, the dollar exchanged at about ₦1,375 for buying and between ₦1,385 and ₦1,405 for selling on June 1, depending on location and dealer quotations.
Currency tracking platforms showed the average black market selling rate hovering around ₦1,385 per dollar, while the official NFEM rate remained near ₦1,373.25, leaving a narrow gap between both market segments.
The naira has remained relatively steady in recent weeks as the Central Bank of Nigeria continues its market reforms and liquidity management efforts aimed at improving transparency and reducing volatility in the foreign exchange market.
Exchange rates may vary across banks, bureaux de change, fintech platforms and parallel market dealers based on transaction size, location and market conditions.
