Naira trades at ₦1,363.41/$ as CBN reforms narrow official-parallel gap

The official exchange rate stood at approximately ₦1,363.41 per US dollar during Monday’s trading session, meaning $100 fetched about ₦136,341 at the NFEM rate. In the parallel market, the same $100 traded for roughly ₦140,000, showing a narrowed gap between the two rates compared with previous years. Analysts attribute the tightening spread to the Central Bank of Nigeria’s ongoing foreign‑exchange reforms aimed at boosting liquidity and deepening the market. They note that the naira’s near‑term trajectory will hinge on FX supply, oil export earnings, diaspora remittances, and the CBN’s monetary policy stance.

For importers, the stronger official rate reduces the cost of dollar‑denominated purchases when accessed through banks, while exporters may see slightly lower naira proceeds per dollar earned. Consumers could benefit from slower imported‑inflation if the official rate remains stable. However, the parallel market still offers a premium, indicating residual demand for dollars outside the formal channel.

If you need to buy or sell dollars, consider checking both the NFEM rate and parallel market quotes before transacting, and monitor CBN announcements for any policy shifts that could affect the spread. Will you time your forex transactions to capture the narrower gap, or rely on official channels to avoid parallel‑market premiums?

SOURCE: https://www.channelstv.com/2026/06/22/naira-to-dollar-exchange-rate-today-june-22-2026/