Naira Remains Stable as Dollar Trades at ₦1,360.55 Officially, ₦1,400–₦1,405 in Parallel Market
Nigeria’s currency remained largely stable on Wednesday, June 10, 2026, with the naira closing at ₦1,360.55 per dollar in the official foreign exchange market, while the U.S. dollar traded between ₦1,400 and ₦1,405 in the parallel market amid steady demand for foreign currency.
Data released by the Central Bank of Nigeria (CBN) showed that the Nigerian Foreign Exchange Market (NFEM) rate closed at ₦1,360.55/$ on June 9, compared with ₦1,359.50/$ recorded in the previous trading session. The slight movement reflects continued stability in the official market.
The NFEM rate remains the country’s benchmark exchange rate for official foreign exchange transactions.
In the parallel market, popularly known as the black market, the dollar exchanged between ₦1,390 and ₦1,405, depending on location, transaction volume, and prevailing demand.
Currency traders reported buying rates ranging from ₦1,390 to ₦1,395 per dollar, while selling rates were quoted between ₦1,400 and ₦1,405 on Wednesday.
As a result, the gap between the official and parallel market rates remained relatively narrow, ranging from approximately ₦30 to ₦45 per dollar.
Financial analysts say the reduced spread reflects a stronger alignment between the official and informal foreign exchange markets compared with the significantly wider disparities witnessed in previous years.
Exchange Rates at a Glance
- Official NFEM Rate: ₦1,360.55/$
- Parallel Market Buying Rate: ₦1,390–₦1,395/$
- Parallel Market Selling Rate: ₦1,400–₦1,405/$
Recent market data also indicates that the naira has recorded modest gains in the official market over the past week, with the dollar largely trading within the ₦1,360–₦1,375 range.
Market participants, however, noted that exchange rates may vary across different cities and transaction sizes due to fluctuations in supply, demand, and overall trading activity.
