The Nigerian naira maintained a relatively steady performance against the United States dollar on Tuesday, June 16, 2026, in both the official Nigerian Foreign Exchange Market (NFEM) window and the parallel market.
Data from the Central Bank of Nigeria (CBN) exchange rate portal indicated that the naira closed at about ₦1,363.83 per dollar at the official NFEM window. This reflects a continuation of the recent trading pattern, with the official market holding within the ₦1,360 range, supported by ongoing foreign exchange reforms and improved dollar liquidity.
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 on Tuesday, based on reports from market trackers. This puts the difference between official and parallel market rates at roughly ₦36 per dollar.
Currency dealers noted that demand for the dollar remained stable across key commercial centres, while supply conditions continued to shape pricing in the informal market. Analysts also observed that the gap between official and parallel market rates has narrowed significantly compared to previous years, pointing to efforts aimed at improving transparency and liquidity in the foreign exchange system.
The exchange rate continues to serve as an important indicator for businesses, importers, manufacturers and individuals engaged in international transactions, as fluctuations in the naira directly affect costs of goods and services.
As of Tuesday, June 16, 2026:
• Official NFEM rate: ₦1,363.83/$1
• Parallel market buying rate: ₦1,390/$1
• Parallel market selling rate: ₦1,400/$1
Analysts expect the naira to remain responsive to foreign exchange inflows, monetary policy decisions and broader market demand conditions in the coming days.