Naira to US Dollar conversion for June 1, 2026

The Nigerian naira maintained a steady trajectory against the US dollar, with exchange rates holding firm across both the official Nigerian Foreign Exchange Market and the parallel market, as traders kept a close eye on market demand and forex liquidity.

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According to data released by the Central Bank of Nigeria, the official NFEM exchange rate stood at ₦1,373.25 per dollar on May 29, which was the most recent official rate available at the commencement of trading on June 1.

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During the trading session, the market witnessed a high of ₦1,375 and a low of ₦1,372, underscoring the relatively stable conditions that prevailed.

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Market analysts pointed to the improved interbank transactions and sustained liquidity in the foreign exchange market as key factors contributing to the naira's relative stability.

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Recent reports suggested that the increased activity in the interbank segment had played a crucial role in supporting the local currency, despite the ongoing demand for dollars.

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In the parallel market, also known as the black market, the exchange rate for the dollar was approximately ₦1,375 for buying and ranged between ₦1,385 and ₦1,405 for selling on June 1, depending on the location and dealer quotes.

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Currency tracking platforms indicated that the average black market selling rate was hovering around ₦1,385 per dollar, while the official NFEM rate remained steady at around ₦1,373.25, resulting in a narrow gap between the two market segments.

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The naira has managed to remain relatively stable in recent weeks, thanks in part to the Central Bank of Nigeria's ongoing market reforms and liquidity management efforts aimed at enhancing transparency and reducing volatility in the foreign exchange market.

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It is worth noting that exchange rates can vary across different banks, bureaux de change, fintech platforms, and parallel market dealers, depending on factors such as transaction size, location, and market conditions.