Business News
Dollar sells for ₦1,400 at Black Market as Naira holds firm
The naira traded relatively stable against the United States dollar on Thursday, June 18, 2026, amid continued monitoring of foreign exchange liquidity and demand conditions across the market.
Data from the Central Bank of Nigeria (CBN) showed that the official exchange rate at the Nigerian Foreign Exchange Market (NFEM) remained around ₦1,360 per dollar, reflecting the impact of ongoing foreign exchange reforms and efforts to improve market transparency.
At the parallel market, commonly referred to as the black market, the dollar exchanged at approximately ₦1,400 per dollar. Market sources indicated that buying rates ranged between ₦1,392 and ₦1,395, while selling rates stood between ₦1,400 and ₦1,402.
The relatively narrow gap between the official and parallel market rates has been viewed by analysts as a sign of improving market alignment compared to previous periods marked by significant volatility. Increased foreign exchange inflows, tighter regulatory oversight and measures aimed at boosting liquidity have been identified as key factors supporting the trend.
Exchange Rate Summary (June 18, 2026):
Official NFEM Rate: Approximately ₦1,360/$
Parallel Market Buy Rate: Approximately ₦1,392–₦1,395/$
Parallel Market Sell Rate: Approximately ₦1,400–₦1,402/$
Market observers, however, note that exchange rates may vary depending on location, transaction volume and individual dealers.
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