Naira Holds Steady Against Dollar
The Nigerian naira maintained relative stability against the United States dollar on Tuesday, June 9, 2026.
The local currency traded within a narrow range across both the official and parallel foreign exchange markets.
Meanwhile, market participants continued to monitor liquidity levels and demand conditions.
Official Market Records Stable Trading
Data from the Central Bank of Nigeria’s exchange rate portal showed the official Nigerian Foreign Exchange Market (NFEM) rate at approximately ₦1,362.21 per dollar.
Furthermore, the official closing rate settled around ₦1,365 per dollar.
Trading activity also remained within the ₦1,360 to ₦1,366 range during the latest session.
In addition, market indicators showed the naira holding onto recent gains recorded in previous weeks.
Improved Supply Supports Currency
Analysts attributed the currency’s performance to improved foreign exchange supply.
As a result, the naira strengthened modestly over the past month before stabilising this week.
Moreover, recent reforms in the foreign exchange market have continued to support price stability and liquidity.
Parallel Market Rates Remain Close
At the parallel market, commonly known as the black market, the dollar sold for about ₦1,400.
Buyers, however, purchased the currency at approximately ₦1,390 per dollar.
Consequently, the difference between official and parallel market rates remained relatively narrow.
The gap stood at roughly ₦38 per dollar, reflecting continued convergence between both markets.
Moderate Demand Eases Pressure
Currency traders reported moderate demand from importers and business operators.
Therefore, the naira avoided significant pressure despite ongoing demand from manufacturers, travellers and other foreign exchange users.
Market observers believe future exchange rate movements will depend on forex inflows, investor confidence and overall market liquidity.
Exchange Rates as of June 9, 2026
- Official NFEM rate: ₦1,362.21/$
- Official closing rate: ₦1,365/$
- Parallel market buying rate: ₦1,390/$
- Parallel market selling rate: ₦1,400/$
However, rates may vary across banks, bureaux de change and locations depending on transaction volume and market demand.
