The naira continued to trade within a relatively stable band against the United States dollar on Tuesday, June 23, 2026, as the official exchange rate stayed between ₦1,350 and ₦1,370 in recent weeks.
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‎Market stability has been largely attributed to improved liquidity in the foreign exchange market and sustained inflows from foreign portfolio investors into Nigerian assets.
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‎Fresh figures from the Nigerian Foreign Exchange Market (NFEM) indicated that the naira closed at about ₦1,366.41 per dollar at the official window. The NFEM rate, published by the Central Bank of Nigeria (CBN), reflects the daily volume-weighted average exchange rate.
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‎Based on this rate, $100 exchanged for approximately ₦136,641 at the official market.
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‎In the parallel market, however, the dollar traded higher, with buying rates around ₦1,400 and selling prices ranging between ₦1,410 and ₦1,420, depending on location and dealer pricing.
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‎Currency traders noted that demand for foreign exchange remains consistent, driven by importers, travellers, and businesses, even as improved dollar supply has helped support the naira’s recent performance.
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‎Analysts say future movements of the naira will likely depend on foreign inflows, crude oil price trends, and broader domestic economic conditions.
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