GistReel
Nigeria’s Naira traded at about ₦1,369 per US dollar in the official market on Wednesday, June 24, 2026, as the naira maintained its recent stability against the greenback despite persistent demand pressures in the foreign exchange market.
Figures from the Nigerian Foreign Exchange Market (NFEM) showed the local currency continuing to move within a narrow band that has characterised trading in recent weeks, signalling relative calm in the official market.
Parallel market remains slightly higher
In the parallel market, commonly referred to as the black market, the dollar sold for between ₦1,400 and ₦1,408, depending on the location and the size of transactions.
The gap between the official and unofficial markets remained below ₦40, highlighting a continued convergence in exchange rates compared with the wide disparities recorded in previous years.
Based on the prevailing rates, $100 would fetch approximately ₦136,900 at the official market and between ₦140,000 and ₦140,800 in the parallel market.
Analysts cite improved liquidity
Financial analysts attribute the relatively narrow spread between both markets to improved foreign exchange liquidity and the impact of ongoing reforms introduced by Nigeria’s monetary authorities.
They noted that movements in the naira are influenced by several factors, including foreign exchange supply and demand, capital inflows, investor sentiment and broader market expectations.
However, exchange rates may still differ slightly across commercial banks, bureaux de change and parallel market operators, depending on transaction volume and location.