Naira stabilizes at ₦1,373.25/$ as official, parallel markets converge

Naira traded at ₦1,373.25 per dollar at the official Nigerian Foreign Exchange Market (NFEM) on Wednesday, maintaining stability from previous sessions. Market data shows the rate stayed within ₦1,370–₦1,375 range, reflecting improved forex liquidity and ongoing CBN reforms.

At the official rate, $100 exchanges for approximately ₦137,325. Meanwhile, the parallel market rate is higher at ₦138,500-₦140,000 for the same amount, indicating a narrowing gap between the two markets.

This convergence suggests increased transparency in the forex system. Analysts attribute this to reforms aimed at boosting market efficiency. For anyone handling international transactions, this relative stability could mean more predictable costs for imports, travel, and remittances compared to previous volatility.

With parallel market rates still about 5-10% above official rates, where do you source your foreign currency and how might this convergence affect your business or personal financial planning?

SOURCE: https://www.channelstv.com/2026/06/03/naira-to-dollar-exchange-rate-today-june-3-2026/