The Naira posted a marginal gain against the United States Dollar at the official foreign exchange market on Friday closing at ₦1,359.75/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, compared to ₦1,360.00/$1 recorded on the previous trading day.
The movement represents an appreciation of ₦0.25, equivalent to 0.02 per cent, indicating continued stability in the official foreign exchange market.
However, the situation was slightly different in the parallel market, where the US Dollar traded at ₦1,398.00/$1, up from ₦1,395.00/$1 a day earlier. This reflects a depreciation of ₦3.00 or 0.21% for the Naira in the unofficial market segment.
Other major foreign currencies remained unchanged in the parallel market:
– British Pound Sterling (GBP): ₦1,880.00
– Euro (EUR): ₦1,620.00
– Canadian Dollar (CAD): ₦1,005.00
Meanwhile, Nigeria’s external reserves continued their upward trajectory, rising to $49.956 billion as of June 3, 2026, from $49.876 billion recorded on June 2. The increase of $80 million, representing 0.16 per cent, highlights sustained growth in the country’s foreign reserve position.
Official and Parallel Market Gap Persists
Despite the relative stability witnessed in the NAFEM window, a gap remains between official and parallel market exchange rates. The spread currently stands at approximately ₦38.25 per dollar, underscoring the continued divergence between both segments of the foreign exchange market.
Attention remains on narrowing the premium between official and parallel market rates to further strengthen confidence in the foreign exchange system.
