The Nigerian naira remained largely stable against the United States dollar on Tuesday, June 16, 2026, closing at ₦1363.83 per dollar at the official window of the Nigerian Foreign Exchange Market (NFEM), while the parallel market traded at around ₦1390/$ for buying and ₦1400/$ for selling.
Data published on the exchange rate portal of the Central Bank of Nigeria shows that the local currency maintained its recent performance in the official market, continuing trade in the range of ₦1360.
The relative stability comes amid ongoing foreign exchange reforms and improved liquidity conditions in the official market.
In the parallel market, commonly referred to as the black market, the dollar was exchanged at approximately ₦1,390 for buying and ₦1,400 for selling in major trading centers.
The difference between the official and parallel market exchange rates was about ₦36 per dollar, reflecting a much smaller gap compared to previous years.
Currency traders attribute market stability to balanced demand for foreign exchange and stable supply conditions, although prices in the informal market continue to be affected by fluctuations in dollar availability.
Analysts have noted that efforts aimed at improving transparency and liquidity within the Nigerian foreign exchange system have contributed to the narrowing of the gap between the official and unofficial exchange rates.
The exchange rate remains a key economic indicator for companies, manufacturers, importers and individuals involved in international transactions, as movements in the naira directly affect the cost of imported goods and services.
Tuesday, June 16, 2026 Exchange rate list:
Official NFEM exchange rate: ₦1363.83/$1
Parallel market buying rate: ₦1390/$1
Selling rate on the parallel market: ₦1400/$1
Observers expect the naira’s performance in the coming days to be shaped by foreign exchange inflows, monetary policy decisions and prevailing demand conditions in the foreign exchange market.
