Naira Holds Firm Against Dollar as Forex Market Watches Next Move

(Dollar to Naira. Photo by Nairacompare)

The naira traded relatively stable against the US dollar on Tuesday, June 16, 2026, at both the official Nigerian Foreign Exchange Market (NFEM) window and the parallel market.

Latest data from the Central Bank of Nigeria’s exchange rate portal showed the naira closing at approximately ₦1,363.83 per dollar at the official NFEM window, consistent with the trend observed in recent trading sessions, as the official market continued to hold within the ₦1,360 range amid sustained foreign exchange reforms and improved dollar liquidity.

In the parallel market, also known as the black market, the dollar exchanged at around ₦1,390 for buying and ₦1,400 for selling on Tuesday, according to multiple market trackers, placing the premium between the official and parallel rates at roughly ₦36 per dollar.

Currency dealers said demand for the dollar remained steady across major commercial centres, while supply conditions continued to shape pricing in the informal market.

Market observers pointed out that the gap between official and parallel rates has narrowed considerably compared to previous years, a development they linked to ongoing efforts to improve transparency and liquidity in the foreign exchange market.

The exchange rate remains a closely watched indicator for businesses, importers, manufacturers and individuals engaged in international transactions, given its direct effect on the cost of goods and services.

As of Tuesday, the official NFEM rate stood at ₦1,363.83/$1, with the parallel market quoting ₦1,390/$1 for buying and ₦1,400/$1 for selling.

Analysts expect the naira’s trajectory to continue hinging on foreign exchange inflows, monetary policy measures and broader market demand dynamics in the days ahead.