The Nigerian naira experienced a relatively calm trading day against the US dollar on Monday, June 22, 2026, with both the official and parallel foreign exchange markets exhibiting a limited disparity.
According to data from the Nigerian Foreign Exchange Market, the official exchange rate was approximately ₦1,363.41 per US dollar during Monday's trading session.
This rate is based on the volume-weighted average exchange rate utilized by the Central Bank of Nigeria as the country's official benchmark.
In the parallel market, also known as the black market, the US dollar was traded at a range of ₦1,390 to ₦1,400, influenced by factors such as location, transaction size, and dealer quotations in major cities like Lagos, Abuja, and Port Harcourt.
Currency tracking platforms revealed that the average street market selling rate remained steady at around ₦1,400 per dollar.
Using the current exchange rates, $100 would be equivalent to approximately ₦136,341 at the official NFEM rate and roughly ₦140,000 in the parallel market.
The difference between the official and parallel market rates has decreased substantially compared to previous years, reflecting the effects of the Central Bank of Nigeria's ongoing foreign exchange reforms aimed at enhancing liquidity and deepening the market.
Recent policy initiatives, including the liberalization of foreign exchange rules for exporters, are designed to increase dollar inflows and bolster investor confidence in the naira.
Analysts believe that the naira's performance in the coming weeks will continue to be influenced by factors such as foreign exchange supply, oil export earnings, diaspora remittances, and the Central Bank's monetary policies.
Exchange rates may fluctuate slightly across banks, bureaux de change, and parallel market dealers due to market conditions and transaction volumes.
Comments
Please login to leave a comment.
No comments yet. Be the first to share your thoughts!