RismadarVoice Reporters
June 8, 2026
The Nigerian naira maintained a relatively stable position against the United States dollar on Monday as market participants continued to monitor foreign exchange supply and demand dynamics across the country’s currency markets.
At the official foreign exchange window, data from the Nigerian Foreign Exchange Market (NFEM) showed the naira trading at approximately ₦1,357.26 to the dollar. The rate reflected a modest improvement compared to levels recorded earlier in June, when the local currency traded above ₦1,360 per dollar.
The slight appreciation has been viewed by analysts as a sign of continued stability in the official market, supported by ongoing efforts to improve liquidity and strengthen confidence in the foreign exchange system.
In the parallel market, commonly referred to as the black market, the dollar exchanged at an average buying rate of ₦1,388 and a selling rate of ₦1,398 on June 8. Rates varied slightly across different locations and currency dealers, depending on transaction volume and market demand.
Market observers noted that the difference between official and parallel market exchange rates remains considerably narrower than the wide disparities witnessed in previous years. The development has been attributed to reforms aimed at improving transparency, price discovery, and foreign exchange availability within the market.
Recent trading data indicated that the naira recorded a modest gain during the first week of June, strengthening from earlier levels as foreign exchange market conditions showed signs of improvement.
Financial analysts, however, cautioned that the currency’s performance in the coming weeks will largely depend on several key factors, including foreign exchange inflows, foreign portfolio investments, crude oil earnings, and overall market liquidity.
Based on prevailing exchange rates, $100 was valued at approximately ₦135,726 through the official NFEM window, while the same amount could fetch about ₦139,800 at the parallel market selling rate.
Experts say sustained stability in the foreign exchange market will require continued efforts to boost dollar inflows, strengthen investor confidence, and support broader economic reforms aimed at improving Nigeria’s external reserves and overall economic outlook.
