The naira remained broadly stable against the United States dollar on Wednesday, 24 June 2026, extending a period of relative calm across both the official and parallel foreign exchange markets.
Data from the Nigerian Foreign Exchange Market (NFEM) showed the local currency trading at about ₦1,369/$, with the official market maintaining the narrow trading range recorded in recent weeks. Central Bank of Nigeria (CBN) data indicate that the naira has largely held its ground despite fluctuations in global currency markets and persistent domestic demand for foreign exchange.
In the parallel market, commonly known as the black market, the dollar traded between ₦1,400 and ₦1,408, depending on location, transaction volume and dealer pricing.
The gap between the official and parallel market rates remained below ₦40, underscoring the continued convergence of both markets and marking a significant improvement from the wide disparities seen in previous years.
At the prevailing rates, $100 would exchange for approximately ₦136,900 at the official NFEM window and between ₦140,000 and ₦140,800 in the parallel market.
Financial analysts attribute the relatively narrow spread to improved foreign exchange liquidity and the effects of ongoing market reforms introduced by monetary authorities. They note that exchange rate movements continue to be driven by demand and supply dynamics, capital inflows, investor sentiment and broader market expectations.
However, exchange rates may vary slightly across commercial banks, bureaux de change and parallel market dealers, depending on transaction size, location and prevailing market conditions.
