The Nigerian naira maintained a relatively stable position against the United States dollar on June 8, 2026, as activity in both the official and parallel foreign exchange markets reflected balanced supply and demand conditions.
Data from the Nigerian Foreign Exchange Market (NFEM) showed the naira trading at around ₦1,357 per dollar at the official window, slightly stronger than earlier levels recorded above ₦1,360 earlier in the month. This indicates a modest gain supported by improved market liquidity.
In the parallel market, commonly referred to as the black market, the dollar exchanged at approximately ₦1,388 for buying and ₦1,398 for selling, reflecting a continued gap between official and unofficial rates, though narrower than in previous years.
Market analysts noted that the relative stability of the naira is linked to ongoing foreign exchange reforms and improved liquidity management. They also highlighted that exchange rates may still vary depending on location, transaction size, and dealer availability.
According to official data, ₦1,357 per dollar translates to roughly ₦135,700 for $100 at the official rate, while the same amount would cost nearly ₦139,800 at the parallel market rate.
Experts say the naira’s short-term performance will depend on factors such as foreign portfolio inflows, crude oil earnings, and overall market confidence, as Nigeria continues efforts to stabilize its foreign exchange environment.
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