The Nigerian naira remained largely stable against the United States dollar on Tuesday, June 16, 2026, closing at ₦1,363.83 per dollar at the official Nigerian Foreign Exchange Market (NFEM) window, while the parallel market traded around ₦1,390/$ for buying and ₦1,400/$ for selling.
Data published on the Central Bank of Nigeria’s exchange rate portal showed that the local currency sustained its recent performance at the official market, continuing to trade within the ₦1,360 range.
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 exchanged at approximately ₦1,390 for buying and ₦1,400 for selling across major trading centres.
The difference between the official and parallel market rates stood at about ₦36 per dollar, reflecting a significantly narrower gap compared to previous years.
Currency traders attributed the market’s stability to balanced demand for foreign exchange and steady supply conditions, although pricing in the informal market continues to be influenced by fluctuations in dollar availability.
Analysts noted that efforts aimed at improving transparency and liquidity within Nigeria’s foreign exchange system have contributed to reducing the disparity between official and unofficial exchange rates.
The exchange rate remains a critical economic indicator for businesses, 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 Rates:
Official NFEM rate: ₦1,363.83/$1
Parallel market buying rate: ₦1,390/$1
Parallel market selling rate: ₦1,400/$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 across the currency market.