Naira Holds Firm as Dollar Gap Narrows Across Markets

(Dollar to Naira. Photo by Nairacompare)

The Nigerian naira remained largely stable against the United States dollar on Tuesday, June 9, 2026, in both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market, as efforts to sustain liquidity in the foreign exchange market continued.

Figures from the Central Bank of Nigeria’s exchange rate portal indicated that the official NFEM rate stood at approximately ₦1,362.21 per dollar during the latest available trading session, with the closing rate settling at around ₦1,365/$.

Transactions in the official market were recorded within the ₦1,360–₦1,366 band.

Market indicators on the day also showed the naira holding on to recent gains, with the USD/NGN rate hovering around ₦1,360.12 per dollar in the official market.

Analysts observed that the local currency has strengthened over the past month on the back of improved foreign exchange supply.

In the parallel market, the dollar exchanged at approximately ₦1,400 for selling and around ₦1,390 for buying, leaving a gap of roughly ₦38 between the official and parallel market rates.

The relatively narrow spread between both markets points to continued convergence in exchange rates a trend attributed to ongoing reforms in Nigeria’s foreign exchange framework and improved market liquidity. Reports indicate that the naira had recorded a series of gains in early June before stabilising this week.

Currency traders noted that demand from importers and businesses remained moderate, helping the naira hold its ground despite persistent foreign exchange pressure from manufacturers, travellers, and other end users.

Prevailing rates as of Tuesday are as follows: the official NFEM rate at about ₦1,362.21/$; the official market closing rate at about ₦1,365/$; the parallel market buying rate at about ₦1,390/$; and the parallel market selling rate at about ₦1,400/$.

Rates may vary across banks, bureaux de change, and regions depending on demand and transaction volume.