The Nigerian naira appreciated slightly against the US dollar at the official foreign exchange market on Tuesday, even as pressure persisted in the parallel market, where rates moved in the opposite direction.
Data from the Central Bank of Nigeria (CBN) showed that the naira traded at N1,360.5519 per dollar at the Nigerian Foreign Exchange Market (NFEM) window on 9 June 2026, compared with N1,362.8397 recorded in the previous session, representing a modest gain.
The currency also closed at N1,359.50 per dollar during the trading session, reflecting continued but limited support at the official market.
The appreciation comes amid ongoing efforts by monetary authorities to stabilise the foreign exchange market through reforms aimed at improving liquidity and narrowing distortions between official and parallel market rates.
At the parallel market, however, the naira showed mixed performance. Traders quoted the currency at between N1,390 and N1,400 per dollar for buying and selling, according to Aboki FX data cited in the report.
This reflects a depreciation of about N5 on the buying side compared with the previous trading session, underscoring the persistent divergence between official and unofficial exchange rate channels.
The widening gap between the two markets continues to highlight structural pressures in Nigeria’s foreign exchange system, despite recent policy adjustments designed to unify segments of the FX market and attract inflows.
Market analysts say the naira’s short-term movements remain heavily influenced by dollar supply conditions, remittance flows, and import demand, particularly in a context of elevated inflation and fiscal pressures.
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The Central Bank of Nigeria has in recent months maintained a tighter monetary stance and introduced measures to improve transparency in FX pricing, while also seeking to boost liquidity through increased participation of authorised dealers.
However, volatility in the parallel market suggests that demand for foreign currency continues to outpace supply in some segments of the economy, particularly among importers and retail traders.
Economists note that sustained stability in the naira will depend on stronger export earnings, improved investor confidence and continued reforms in the oil and non-oil foreign exchange inflows.
Nigeria’s FX market has undergone significant adjustments over the past year, including steps toward greater flexibility in the official exchange rate mechanism, aimed at reducing arbitrage opportunities and stabilising reserves.
Despite these reforms, the gap between official and street rates remains a key concern for policymakers, businesses and households, many of whom rely on parallel market pricing for transactions.
Attention now turns to upcoming monetary policy signals from the CBN, as well as external factors such as oil prices and global interest rate trends, which continue to shape foreign exchange dynamics in Africa’s largest economy.
