The Nigerian naira recorded mixed performance against the US dollar in the foreign exchange market on Tuesday, June 2, 2026. In the official market, the currency appreciated, while it depreciated in the parallel market.
Official Market Performance
At the Nigerian Foreign Exchange Market (NAFEM), the naira gained N5.74 or 0.42% against the dollar, trading at N1,361.05/$1 compared to Monday's rate of N1,366.95/$1. The currency also strengthened against the British pound, rising by 9 kobo to close at N1,833.19/1, up from N1,833.28/1. Against the euro, the naira gained N2.73 to settle at N1,584.39/1, compared to N1,587.12/1 in the previous session.
Parallel Market Movement
In the black market, the naira depreciated against the dollar. A Bureau De Change (BDC) trader, Abullalahi, reported the following rates: the dollar traded at N1,383/$1 for buying and N1,393/$1 for selling. The pound was at N1,845/1 for buying and N1,865/1 for selling, while the euro traded at N1,583/1 for buying and N1,608/1 for selling.
Official Exchange Rates at a Glance
- CFA: N2.43
- Yuan/Renminbi: N201.26
- Danish Krone: N211.94
- Euro: N1,584.40
- Yen: N8.51
- Riyal: N362.62
- South African Rand: N83.80
- SDR: N1,869.24
- Swiss Franc: N1,729.63
- Pound Sterling: N1,833.20
- US Dollar: N1,361.05
- WAUA: N1,870.80
- UAE Dirham: N370.57
CBN Policies in Focus
The Central Bank of Nigeria (CBN) data showed that total FX turnover dropped to $169.822 million on Tuesday from $177.927 million on Monday, with 168 deals executed. After a strong performance in the first half of 2026, the CBN is expected to continue supplying FX to the official market, supported by high oil prices that boost the country's reserves. The launch of the fourth edition of the CBN's Foreign Exchange Manual is also anticipated to enhance transparency, with new provisions for import, export, personal travel, trade allowances, and foreign remittances.
CBN Explains Naira Performance
The CBN has stated that the naira is not being artificially supported, emphasizing that the recent stability is market-driven, resulting from reforms and increased liquidity. The apex bank noted that the foreign exchange market has become more transparent and market-oriented after two years of reforms. Total market turnover has increased from an average of $361.1 million to between $550 million and $1 billion, reflecting greater liquidity.
