The naira maintained relative stability against the United States dollar in both the official and parallel foreign exchange markets as traders continued to monitor supply and demand conditions in Nigeria’s forex market.
Data from the Nigerian Foreign Exchange Market showed that the naira traded at approximately ₦1,357.26 to the dollar at the official market, sustaining the rate recorded at the close of recent trading sessions. Market figures indicated that the local currency had strengthened slightly from levels above ₦1,360/$ recorded in the early days of June.
At the parallel market, commonly known as the black market, the dollar was bought at about ₦1,388 and sold at ₦1,398 on Monday, June 8. The rates were compiled from Bureau De Change operators and market trackers.
The difference between the official and parallel market exchange rates remained relatively narrow when compared to the wider spreads witnessed in previous years. The development underscored ongoing efforts aimed at improving liquidity and enhancing price discovery within the foreign exchange market.
Recent market reports showed that the naira posted a modest gain at the official foreign exchange window during the first week of June. Data published on the Central Bank of Nigeria’s trading platform revealed that the currency traded at an NFEM rate of ₦1,357.2615 per dollar, compared with ₦1,361.0497 recorded earlier, representing an appreciation of about ₦3.79.
Currency dealers noted that exchange rates could vary across different locations and transactions depending on demand levels, transaction volumes and the availability of foreign exchange.
Analysts also stated that the naira’s performance in the coming days would be influenced by foreign exchange inflows, foreign portfolio investments, crude oil earnings and broader liquidity conditions in the market.
As of June 8, 2026, prevailing exchange rates showed that $100 exchanged for approximately ₦135,726 at the official NFEM window, while the same amount was valued at about ₦139,800 at the parallel market selling rate.
