Naira Trades Relatively Stable Against Dollar Amid Improved Liquidity

The Nigerian Naira Strengthens Against the US Dollar

The Nigerian naira has strengthened against the US dollar, with the official rate at ₦1,362.21 per dollar as of June 9, 2026. This comes despite continued pressure for foreign exchange from manufacturers, travellers, and other end-users. Analysts attribute this to improved foreign exchange supply and continued convergence in exchange rates.

Market indicators on June 9, 2026, showed the naira maintaining its recent gains, with the USD/NGN exchange rate hovering around ₦1,360.12 per dollar in the official market. In the parallel market, commonly referred to as the black market, the dollar was exchanged at about ₦1,400 per dollar for selling and around ₦1,390 per dollar for buying on Tuesday, indicating a gap of roughly ₦38 between the official and parallel market rates.

Data from the Central Bank of Nigeria's exchange rate portal showed that the official NFEM rate stood at approximately ₦1,362.21 per dollar as of the latest available trading session. The closing rate was around ₦1,365.00/$, and the market recorded transactions within the ₦1,360–₦1,366 range. Currency traders said demand from importers and businesses remained moderate, helping the naira maintain its position.

The dollar to naira exchange rate has been relatively stable in recent times, with the naira recording a series of gains in early June before stabilizing this week. As of today, the prevailing rates are: the official NFEM rate is about ₦1,362.21/$, the official market closing rate is about ₦1,365/$, the parallel market buying rate is about ₦1,390/$, and the parallel market selling rate is about ₦1,400/$.

Foreign exchange rates may vary across banks, bureaux de change, and regions depending on demand and transaction volume. The Central Bank of Nigeria's efforts to sustain liquidity in the foreign exchange market have contributed to this stability. Market analysts said the improved liquidity has led to a convergence in exchange rates between the official and parallel markets. This trend has been supported by reforms in Nigeria's foreign exchange framework, which aims to promote transparency and efficiency in the foreign exchange market.

Currency traders expect the naira to continue its recent gains, with many optimistic about the currency's prospects in the short term. They credit the Central Bank's efforts to maintain a stable foreign exchange market as a key factor in the naira's stability.

The Central Bank of Nigeria's actions to sustain liquidity in the foreign exchange market have helped maintain stability in the naira's value. The Bank's efforts have led to a convergence in exchange rates between the official and parallel markets, which has been supported by reforms in Nigeria's foreign exchange framework.