The Nigerian naira recorded a slight appreciation against the United States dollar on Monday, June 8, 2026, closing at ₦1,357.26/$ at the official foreign exchange market.
Key Highlights:
Latest figures from the trading window showed that the local currency remained relatively stable despite ongoing concerns surrounding foreign exchange demand and market liquidity.
At the parallel market, commonly referred to as the black market, the dollar sold for an average of ₦1,398, while Bureau De Change operators quoted a buying rate of around ₦1,388.
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The latest exchange rate reflects a modest improvement compared to levels recorded at the start of June, continuing the gradual recovery trend seen in recent sessions.
Financial experts attributed the narrowing gap between the official and parallel market rates to recent foreign exchange reforms and liquidity measures introduced to improve market operations.
According to analysts, the reduced difference between both markets has helped limit speculative trading activities while boosting confidence among investors and market participants.
Data from the official trading platform further showed that the naira gained nearly ₦4 against the dollar compared to previous trading figures, signalling slight improvement in overall market sentiment.
However, economic analysts noted that the future direction of the local currency would depend largely on the volume of foreign exchange inflows into the Nigerian economy.
They identified crude oil revenues, diaspora remittances, foreign investor participation and liquidity levels as major factors expected to influence exchange rate movements in the coming days.
Meanwhile, currency dealers cautioned that rates may still differ across locations and transaction volumes due to fluctuations in demand and availability of foreign currency.
Using the latest exchange rates, $100 was valued at approximately ₦135,726 at the official market and about ₦139,800 at the parallel market.
Market observers say investors and traders will continue to monitor monetary policy decisions and foreign exchange inflows as the naira attempts to sustain its recent gains against the dollar.
