The Nigerian naira remained largely stable against the United States dollar on Thursday, June 25, 2026, as traders and investors continued to assess foreign exchange liquidity and the availability of dollars in the market. Figures from the Nigerian Foreign Exchange Market (NFEM) showed that the local currency maintained a relatively steady position at the official market, trading around ₦1,370 per dollar.
Official Market Rates
The most recent trading data indicated that the naira closed Wednesday’s session at approximately ₦1,372.76/$. Based on the official exchange rate, $100 was valued at about ₦137,276, while $1,000 exchanged for roughly ₦1.37 million.
Black Market Rates Remain Slightly Higher
In the parallel market, commonly referred to as the black market, the dollar traded at around ₦1,395 for buyers, while selling rates ranged between ₦1,405 and ₦1,408, depending on location and dealer pricing. At these rates, anyone exchanging $100 would receive between ₦140,500 and ₦140,800. Despite the difference between the official and parallel market rates, the gap remained relatively narrow when compared to the wider disparities seen in previous years.
FX Supply Key to Naira's Future Direction
Market observers attributed the improved convergence between both markets to ongoing efforts by monetary authorities aimed at boosting liquidity and improving efficiency in Nigeria’s foreign exchange system. Analysts noted that the naira’s performance in the coming weeks will largely depend on the volume of dollar inflows from crude oil exports, foreign portfolio investments, diaspora remittances, and interventions by the Central Bank of Nigeria (CBN).
As of June 25, 2026, the official NFEM rate stood at approximately ₦1,372.76 per US dollar, while the parallel market rate was around ₦1,395/$ for buying and ₦1,405–₦1,408/$ for selling.
External Reserves Rise Above CBN Target
In related news, Legit.ng earlier reported that new data showed Nigeria's external reserves increased to $51.06 billion, surpassing the CBN’s target. The current reserve level provides the CBN with the buffer to strengthen the naira across foreign exchange markets and settle international obligations. This significant increase not only reflects a robust economic outlook but also instils confidence among investors regarding the stability of Nigeria's currency in the face of global economic challenges.
