Market News

Nigeria’s foreign exchange market showed further signs of stability on Tuesday, June 23, 2026, as the naira maintained a strong position across both the official and parallel market segments. 

Data from the Nigerian Foreign Exchange Market (NFEM) indicated that the naira traded at about N1,366.41 to the United States dollar, while the currency exchanged between N1,395 and N1,408 per dollar in the parallel market. 

The relatively narrow gap of about N30 to N40 between the official and black-market rates marks a significant improvement from previous years when the spread often exceeded several hundred naira, fueling speculation and arbitrage. 

Analysts attribute the development to improved foreign exchange liquidity, stronger investor confidence, rising foreign capital inflows and Nigeria’s growing external reserves, which recently surpassed $51 billion for the first time in 17 years. 

The stronger reserve position, supported by higher oil earnings, increased diaspora remittances and ongoing reforms by the Central Bank of Nigeria (CBN), has helped stabilize the naira and reduce pressure on the foreign exchange market. 

Market observers say sustaining the current trend will be critical for controlling inflation, attracting investment and strengthening confidence in the broader economy. 

With the official and parallel market rates moving closer together, policymakers view the development as a positive signal that recent reforms are beginning to deliver greater efficiency and transparency in Nigeria’s foreign exchange market. 

The gap between the official and parallel market rates has narrowed significantly compared with previous years, reflecting the impact of ongoing foreign exchange reforms introduced by the Central Bank of Nigeria to improve liquidity and deepen the market. Recent policy measures, including the liberalisation of foreign exchange rules for exporters, are aimed at boosting dollar inflows and strengthening investor confidence in the naira.