The Nigerian naira traded within a relatively stable range against the U.S. dollar on Monday, June 22, 2026, as both the official and parallel foreign exchange markets continued to reflect a narrower gap than seen in previous years.
In the Nigerian Foreign Exchange Market (NFEM), the official benchmark rate settled at approximately ₦1,363.41 per dollar during the trading session. The figure, which is based on a volume-weighted average, remains the Central Bank of Nigeria’s key reference rate for official transactions.
In the parallel market, commonly referred to as the black market, the dollar changed hands at between ₦1,390 and ₦1,400, depending on location, demand levels, and transaction size across major commercial centres such as Lagos, Abuja, and Port Harcourt. Market trackers placed the average street rate close to ₦1,400 per dollar.
At those levels, $100 was worth roughly ₦136,341 at the official rate, compared with about ₦140,000 on the parallel market, highlighting the relatively small premium between both segments of the foreign exchange system.
The narrowing spread has been widely interpreted as a sign of gradual stabilisation in Nigeria’s currency market, following a series of foreign exchange reforms introduced by the Central Bank of Nigeria aimed at improving liquidity and reducing distortions.
These policy adjustments, including steps to liberalise access for exporters and encourage higher dollar inflows, are intended to strengthen market efficiency and support confidence in the naira over time.
Despite the improved alignment between official and unofficial rates, analysts caution that the currency’s outlook remains closely tied to external inflows. Oil export revenues, diaspora remittances, and broader capital inflows are expected to remain key determinants of naira performance in the coming weeks.
Market participants also note that exchange rates may still vary slightly across banks, bureaux de change operators, and informal dealers, reflecting ongoing differences in supply conditions and local demand pressures.