By Seun Ibiyemi
The Nigerian naira maintained a relatively stable performance against the United States dollar on Tuesday, June 9, 2026, as improved foreign exchange liquidity and sustained market confidence helped support the local currency across official and parallel market segments.
Data from the Nigerian Foreign Exchange Market (NFEM) showed the naira trading around ₦1,362.21 to the dollar, with the official market closing at approximately ₦1,365/$ after transactions were recorded within the ₦1,360–₦1,366 range.
The latest performance indicates that the naira has largely sustained the gains recorded in recent weeks, reflecting improved foreign exchange inflows and ongoing reforms aimed at enhancing transparency and liquidity in the foreign exchange market.
At the parallel market, the dollar traded at about ₦1,390 for buying and ₦1,400 for selling, leaving a relatively narrow gap of between ₦35 and ₦40 compared with the official market rate.
Analysts say the continued convergence between the official and parallel markets signals growing confidence in the foreign exchange system.
Market observers attributed the currency’s stability to moderate demand for foreign exchange by importers and businesses, alongside improved dollar supply in the market.
The trend has helped the naira avoid significant volatility despite persistent demand pressures from manufacturers, travellers and other end-users.
Financial analysts noted that the local currency has shown resilience since the beginning of June, following a series of gains that saw the exchange rate strengthen from levels above ₦1,360/$ earlier in the month.
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The Central Bank of Nigeria’s foreign exchange reforms, combined with efforts to improve market liquidity and attract foreign capital inflows, have continued to support the naira’s performance and reduce pressure on the domestic currency.
Economic stakeholders are expected to closely monitor developments in the foreign exchange market in the coming days, particularly as demand for dollars from businesses and importers remains a key factor influencing the naira’s trajectory.
