The naira maintained a relatively stable performance against the United States dollar on Wednesday, June 24, 2026, across both the official and parallel foreign exchange markets.
Data from the Nigerian Foreign Exchange Market (NFEM) showed the naira trading at about ₦1,369 to the dollar, with the official market sustaining the narrow trading range recorded in recent weeks. Exchange rate data from the Central Bank of Nigeria indicated that the currency has remained largely steady despite shifts in global currency markets and domestic demand for foreign exchange.
At the parallel market, commonly known as the black market, the dollar traded between ₦1,400 and ₦1,408 on Wednesday, depending on location and transaction volume. Market observers noted that the difference between the official and parallel market rates stayed below ₦40, showing continued convergence between both markets compared to previous years.
Based on current rates, $100 would convert to about ₦136,900 at the official NFEM rate and roughly ₦140,000 to ₦140,800 in the parallel market.
Analysts say the narrow margin between both markets points to improved liquidity and the effects of ongoing foreign exchange reforms introduced by monetary authorities. They added that exchange rate movements in Nigeria are largely influenced by demand and supply, capital inflows, and market expectations.
Rates may still differ slightly across commercial banks, bureaux de change, and parallel market dealers depending on transaction volume and location.