The Nigerian naira maintained relative stability against the United States dollar on Tuesday, June 16, 2026, across both the official foreign exchange market and the parallel market.
According to data from the Central Bank of Nigeria’s exchange rate portal, the naira closed at about ₦1,363.83 to the dollar at the Nigerian Foreign Exchange Market (NFEM), continuing the steady trend recorded in recent trading sessions. The official market has remained within the ₦1,360 range, supported by ongoing reforms and improved foreign exchange liquidity.
At the parallel market, commonly referred to as the black market, the dollar traded at around ₦1,390 for buying and ₦1,400 for selling, based on figures obtained from market trackers and currency dealers.
This leaves a difference of about ₦36 between the official exchange rate and the rate obtainable in the informal market.
Traders said demand for the US dollar remained stable in major commercial centres across the country, while supply levels continued to influence prices in the parallel market.
Market analysts noted that the gap between the official and black market rates has narrowed considerably compared to previous years, a development they attributed to measures aimed at improving transparency and liquidity in the foreign exchange market.
Exchange rates remain an important factor for businesses, imporThe Nigerian naira maintained relative stability against the United States dollar on Tuesday, June 16, 2026, across both the official foreign exchange market and the parallel market.
According to data from the Central Bank of Nigeria’s exchange rate portal, the naira closed at about ₦1,363.83 to the dollar at the Nigerian Foreign Exchange Market (NFEM), continuing the steady trend recorded in recent trading sessions. The official market has remained within the ₦1,360 range, supported by ongoing reforms and improved foreign exchange liquidity.
At the parallel market, commonly referred to as the black market, the dollar traded at around ₦1,390 for buying and ₦1,400 for selling, based on figures obtained from market trackers and currency dealers.
This leaves a difference of about ₦36 between the official exchange rate and the rate obtainable in the informal market.
Traders said demand for the US dollar remained stable in major commercial centres across the country, while supply levels continued to influence prices in the parallel market.
Market analysts noted that the gap between the official and black market rates has narrowed considerably compared to previous years, a development they attributed to measures aimed at improving transparency and liquidity in the foreign exchange market.
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Exchange rates remain an important factor for businesses, importers, manufacturers and individuals engaged in international transactions, as changes in the value of the naira directly affect the cost of goods and services.
As of Tuesday, June 16, 2026, the rates stood at:
Official NFEM rate: ₦1,363.83/$1
Parallel market buying rate: ₦1,390/$1
Parallel market selling rate: ₦1,400/$1
Analysts expect the performance of the naira in the coming days to be influenced by foreign exchange inflows, monetary policy decisions and prevailing market demand.ters, manufacturers and individuals engaged in international transactions, as changes in the value of the naira directly affect the cost of goods and services.
As of Tuesday, June 16, 2026, the rates stood at:
Official NFEM rate: ₦1,363.83/$1
Parallel market buying rate: ₦1,390/$1
Parallel market selling rate: ₦1,400/$1
Analysts expect the performance of the naira in the coming days to be influenced by foreign exchange inflows, monetary policy decisions and prevailing market demand.
