The Nigerian naira maintained relative stability against the United States dollar on Tuesday, June 9, 2026, as trading activity across the foreign exchange market remained largely steady.
Data from the Nigerian Foreign Exchange Market (NFEM) showed that the local currency traded at an average rate of about ₦1,362.21 per dollar in the official market, before closing close to ₦1,365/$.
The performance reflects a period of reduced volatility, with the naira continuing to trade within a relatively narrow band in recent sessions.
Official Market Holds Steady
Figures released by the Central Bank of Nigeria indicated that the exchange rate fluctuated between approximately ₦1,360 and ₦1,366 per dollar during Tuesday’s trading session.
At various points in the day, the official market rate hovered around ₦1,360.12/$, suggesting slight support for the local currency amid improved foreign exchange inflows.
Analysts say the stability reflects a better balance between demand and supply in the official market.
Parallel Market Rates
In the parallel market, popularly known as the black market, the dollar traded at slightly higher levels.
The greenback was bought at around ₦1,390/$ and sold for approximately ₦1,400/$, depending on location, transaction volume and dealer quotations.
The difference between official and parallel market rates remained within the ₦30 to ₦40 range, continuing the trend of gradual convergence seen in recent months.
What Is Supporting The Naira?
Market participants attributed the naira’s recent performance to improved liquidity and reduced speculative activities.
According to traders, increased foreign exchange availability has helped ease pressure on the market, while demand from importers, manufacturers and travellers has remained relatively stable.
The absence of excessive demand has also contributed to the current calm in the foreign exchange market.
Financial analysts believe ongoing reforms aimed at improving transparency and efficiency within the forex market have played a role in narrowing the gap between official and unofficial rates.
Tuesday’s Exchange Rates At A Glance
- Official NFEM rate: ₦1,362.21/$
- Official closing rate: Approximately ₦1,365/$
- Parallel market buying rate: Approximately ₦1,390/$
- Parallel market selling rate: Approximately ₦1,400/$
Market Outlook
Despite the current stability, experts caution that exchange rates remain sensitive to changes in demand, oil revenue performance, foreign capital inflows and global economic developments.
They also note that rates can fluctuate throughout the trading day as market participants respond to evolving market conditions.
For now, however, the naira continues to trade within a relatively stable range, offering some relief to businesses and individuals who depend on foreign currency transactions.
