The Nigerian naira remained largely stable against the United States dollar on Monday as market participants continued to monitor foreign exchange supply and demand dynamics.
At the official foreign exchange market, data from the Nigerian Foreign Exchange Market (NFEM) showed the naira trading at about ₦1,357.26 per dollar. The rate reflected a slight improvement from levels above ₦1,360 recorded in the first week of June, indicating modest gains for the local currency.
In the parallel market, commonly referred to as the black market, the dollar was bought at around ₦1,388 and sold at approximately ₦1,398, according to information gathered from Bureau De Change operators and currency traders.
The difference between the official and parallel market rates remained relatively narrow compared to previous years, a development analysts say points to improved liquidity and better price alignment across the foreign exchange market.
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Recent trading data also showed the naira posting a slight appreciation at the official window. The currency strengthened from around ₦1,361.05 per dollar to ₦1,357.26, representing a gain of about ₦3.79.
Financial analysts noted that exchange rates may differ across locations and transactions depending on factors such as demand, transaction volume, and the availability of foreign currency.
They added that the naira’s performance in the coming weeks will likely depend on foreign exchange inflows, foreign portfolio investments, crude oil earnings, and overall market liquidity.
Based on the prevailing rates, $100 exchanged for approximately ₦135,726 at the official market and about ₦139,800 at the parallel market selling rate as of June 8, 2026.
