The naira maintained relative stability against the United States dollar on Wednesday, June 24, 2026, trading within a narrow range across both the official and parallel foreign exchange markets.
At the Nigerian Foreign Exchange Market (NFEM), the local currency exchanged at about ₦1,369 per dollar, continuing the steady trend observed in recent weeks. Data from the Central Bank of Nigeria indicated that the exchange rate has remained largely stable despite fluctuations in global currency markets and domestic demand for foreign exchange.
In the parallel market, commonly referred to as the black market, the dollar traded between ₦1,400 and ₦1,408, depending on location and transaction volume.
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The difference between the official and parallel market rates remained below ₦40, reflecting a closer alignment between both markets compared to previous years.
Based on the prevailing rates, $100 exchanged for approximately ₦136,900 at the official market rate, while the same amount sold for between ₦140,000 and ₦140,800 in the parallel market.
Financial analysts attributed the relatively narrow gap between the two markets to improved foreign exchange liquidity and the continued impact of reforms introduced by monetary authorities.
They noted that exchange rate movements in Nigeria are largely influenced by demand and supply dynamics, foreign capital inflows, and market expectations.
Market observers also pointed out that rates may vary slightly across commercial banks, bureaux de change, and individual traders depending on transaction size and location.
