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

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, with the closing rate around ₦1,365.00/$ and the market recording transactions within the ₦1,360–₦1,366 range.

Market indicators on June 9 also showed the naira maintaining its recent gains, with the USD/NGN exchange rate hovering around ₦1,360.12 per dollar in the official market. Analysts noted that the local currency has strengthened over the past month as foreign exchange supply improved.

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. This reflects a gap of roughly ₦38 between the official and parallel market rates.

The relatively narrow spread between both markets suggests continued convergence in exchange rates, a trend that has been supported by reforms in Nigeria’s foreign exchange framework and improved market liquidity. Recent reports indicated that the naira had recorded a series of gains in early June before stabilising this week.

Currency traders said demand from importers and businesses remained moderate, helping the naira maintain its position despite persistent pressure for foreign exchange from manufacturers, travellers and other end users.

As of today, the prevailing rates are:

• Official NFEM rate: about ₦1,362.21/$
• Official market closing rate: about ₦1,365/$
• Parallel market buying rate: about ₦1,390/$
• Parallel market selling rate: about ₦1,400/$

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

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Nigeria’s naira is projected to remain stable in the coming weeks, as the Central Bank of Nigeria (CBN) continues to deploy measures aimed at maintaining calm in the foreign exchange market. However, analysts suggest that meaningful appreciation may remain out of reach due to lingering global uncertainty and constrained FX inflows.

As of late last week, the naira traded around N1,610 per US dollar in the parallel market, while official rates recorded a slight appreciation. According to market data, the currency strengthened by 1.1% week-on-week to settle at N1,585/$, buoyed in part by the CBN’s injection of $190.4 million into the official market.

CBN data confirms the naira ended the week on a firmer note, closing at N1,580.44/$ on Friday, compared to N1,584.95/$ on Thursday. The improvement followed the central bank’s decision to maintain monetary policy rates during its latest policy meeting.

In a weekly market commentary, Lagos-based investment firm Cordros Research noted:
“We expect the naira to remain broadly stable in the short term as global pressures ease and trade dynamics improve. However, a significant rebound is unlikely given the ongoing challenges in FX liquidity and low levels of foreign portfolio investment.”

Meanwhile, Nigeria’s foreign exchange reserves rose for a fourth consecutive week, gaining $166.63 million to reach $38.54 billion as of May 21, reflecting the CBN’s strategy of building buffers to defend the currency.

Despite last year’s sharp depreciation where the naira lost over 40% of its value. the recent bout of stability has helped restore some investor confidence. Authorities now tout the currency’s competitiveness as a lever for driving export-led growth.

Speaking at the conclusion of the CBN’s 300th Monetary Policy Committee (MPC) meeting, Governor Olayemi Cardoso emphasized the Bank’s commitment to reforms aimed at maintaining exchange rate stability and curbing inflation.

“We now have a more competitive currency that can support export diversification,” Cardoso stated. “The CBN remains committed to ensuring price stability while safeguarding the naira from external shocks.”

Analysts remain cautiously optimistic that with continued support from the central bank, the naira will avoid major swings in the near term, though longer-term gains will hinge on sustained economic reforms and improved global investor sentiment.

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This unexpected appreciation has sent ripples through the parallel market, leaving many traders scrambling to adjust to the rapidly shifting dynamics.

At the start of the year, the naira’s bullish momentum caught FX traders off guard. Having hovered between ₦1600/$ and ₦1800/$ for the better part of eight months, the local currency defied expectations, surging past the ₦1600/$ mark to close at approximately ₦1560/$ last weekend. This marked the first time in months that the naira has breached this psychological barrier, signaling a potential shift in Nigeria’s currency landscape.

The ripple effect has been particularly harsh on black market traders, with estimated losses ranging between ₦10 billion and ₦20 billion. Many traders, who had stockpiled dollars anticipating a seasonal surge in demand from returning Nigerians in January, found themselves on the losing end as the naira continued its rally. The typical January spike in demand failed to materialize, turning what was once a reliable profit period into a financial quagmire.

In the official FX window, the naira also showed strength, dipping below ₦1500/$ for the first time in recent history. Data from FMDQ indicated an average trading rate of ₦1,476.74/$, highlighting the currency’s resilience across both official and parallel markets. This development has fueled debates among economists and market analysts about the sustainability of the naira’s newfound strength.

While some experts dismiss the naira’s surge as a temporary blip—a classic “dead cat bounce”—others argue it reflects a genuine market correction. Comercio Partners, in its 2025 Macroeconomic Outlook, projected the naira could depreciate to ₦1800/$ by year-end, a stark contrast to its current performance. Conversely, Bismarck Rewane of Financial Derivatives Company posited that the naira is trading below its fair value, estimating its true market worth at around ₦1107/$ based on purchasing power parity.

Underlying the naira’s rebound are several macroeconomic factors. The Central Bank of Nigeria’s (CBN) commitment to maintaining high-interest rates has bolstered investor confidence, attracting foreign portfolio investments. Projections suggest the CBN might hold off on interest rate cuts until late in the year, providing further support to the naira. Additionally, Nigeria’s bond yields, nearing 20 percent, offer attractive real returns, especially if inflation trends downward.

Domestic shifts are also at play. A noticeable decline in FX balances held by commercial and investment banks suggests a pivot towards naira-denominated assets. Investors, seeking better returns, are liquidating dollar holdings to capitalize on local opportunities, including bank equities amid ongoing recapitalization efforts. For instance, Fidelity Bank’s recent public offer was oversubscribed by 238 percent, raising ₦23.77 billion.

International dynamics further complicate the picture. The U.S. dollar, while currently strong, faces structural vulnerabilities due to mounting foreign liabilities and shifting global economic alliances. The rise of BRICS, now encompassing over 50 percent of the global population and nearly 40 percent of global GDP, challenges the dollar’s dominance. Nigeria’s inclusion as a partner member could subtly bolster the naira’s standing in the long run.

Yet, challenges remain. The CBN’s delayed implementation of Bureau de Change (BDC) reforms raises questions about regulatory resolve. The proposed consolidation, aimed at curbing anti-market practices, could enhance market stability if executed effectively.

In the grand scheme, the naira’s recent gains represent more than a fleeting market anomaly. They reflect a complex interplay of local reforms, investor behavior, and shifting global economic tides. Whether this resurgence will endure or fade under external pressures remains to be seen, but for now, the naira is enjoying a rare moment in the financial spotlight.

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In the parallel market, the local currency appreciated to N1,630 per dollar, up from N1,640 per dollar recorded on Tuesday. Similarly, in the official Nigerian Foreign Exchange Market (NFEM), the Naira gained value, closing at N1,507 per dollar, compared to N1,520 per dollar the previous day.

Data from the Central Bank of Nigeria (CBN) confirmed the appreciation, reflecting a N12.7 gain for the Naira in the NFEM. However, the gap between the parallel market and the official rate widened to N122.7 per dollar, up from N120 per dollar on Tuesday.

The recent appreciation comes amid ongoing foreign exchange policy reforms by the CBN to stabilize the Naira and improve liquidity in the FX market.

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The Naira yesterday depreciated to N1,710 per dollar in the parallel market from N1,690 per dollar on Wednesday.

Similarly, the Naira depreciated to N1,660.49 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,660.49 per dollar from N1,659.69 per dollar on Wednesday , indicating 80 kobo depreciation for the naira.

The volume of dollars traded (turnover) in the official market grew by 86.4 percent to $330.18 million from $177.1 million traded on Wednesday.

Consequently, the margin between the parallel market and NAFEM rate widened to N49.51 per dollar from N30.31 per dollar on Wednesday.

 

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Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,625.13 per dollar from N1,561.76 per dollar on Tuesday, indicating N63.37 depreciation for the naira. The volume of dollars traded (turnover) in the official market declined by 32.7 percent to $170.6 million from $253.68 million traded on Tuesday

However, the Naira appreciated in the parallel market to N1,675 per dollar in the from N1,685 per dollar on Tuesday.

Consequently, the margin between the parallel market and NAFEM rate narrowed to N49.87 per dollar from N123.24 per dollar on Tuesday.

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The Naira yesterday appreciated to N1,675 per dollar in the parallel market from N1,680 per dollar on Wednesday. Similarly, the Naira appreciated to N1,576.1 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,576.1 per dollar from N1,667.42 per dollar on Wednesday, indicating N91.32 appreciation for the naira. The volume of dollars traded (turnover) in the official market rose by 232.4 percent to $334.05 million from $100.47 million traded on Wednesday.

Consequently, the margin between the parallel market and NAFEM rate widened to N98.9 per dollar from N12.58 per dollar on Wednesday.

SOURCE: Vanguard News

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