The naira appreciated further against the US dollar at the official foreign exchange market on Tuesday, June 2, 2026. According to data from the Central Bank of Nigeria (CBN), the exchange rate moved to N1,361.05 per dollar, up from N1,366.79 recorded the previous day. This reflects a day-on-day gain of N5.74. The appreciation marks the second consecutive day of strengthening for the Nigerian currency at the official window.
At the black market, the exchange rate held steady at N1,395 per dollar on Tuesday. This rate was unchanged from Monday's value. The disparity between the official and parallel market rates remains at N33.95. The country's foreign reserves stood at $49.80 billion as of June 1, 2026. The rise in reserves coincides with the recent gains in the naira's value at the official market.
On Monday, the naira had also gained against the dollar at the official exchange window. The current data reflects ongoing movement in the currency's value within a short period. No official statement was issued by the CBN regarding the exchange rate changes or reserves.
The Central Bank of Nigeria reports rising foreign reserves and a strengthening naira at the official market, yet the black market rate remains stuck at N1,395, exposing a persistent disconnect between official data and street-level reality. The gap of over N33 between the two rates shows that most traders and businesses still operate outside the official system. This split undermines confidence in the official exchange rate as a true reflection of the naira's value. Nigerians relying on the parallel market see no benefit from the reported gains.
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