The Nigerian naira extended its decline in the parallel market on Thursday, June 18, 2026, amid sustained demand for foreign exchange outside the official market, while the official Nigerian Foreign Exchange Market (NAFEM) window also recorded a modest depreciation against the United States dollar.
Latest exchange rate data compiled by Nairametrics showed that the naira weakened across major foreign currencies in the parallel market, with the euro posting the sharpest daily gain against the local currency.
At the official NAFEM window, the naira closed at ₦1,361.50 per US dollar, representing a depreciation of ₦5.00 or 0.37% compared with the previous day’s rate of ₦1,356.50/$.
In the parallel market, commonly referred to as the black market, the dollar traded at ₦1,405.00/$, up from ₦1,395.00/$ recorded on June 17. The ₦10.00 decline in the naira represents a 0.71% depreciation in a single trading session.
The spread between the official and parallel market exchange rates widened to approximately ₦43.50 per dollar, highlighting persistent liquidity constraints and demand pressures in the informal foreign exchange market despite efforts by the Central Bank of Nigeria (CBN) to improve market efficiency.
Meanwhile, Nigeria’s external reserves continued their upward trajectory, rising to $50.886 billion as of June 16, 2026, compared with $50.813 billion recorded the previous day. The increase of $73 million represents a 0.14% daily gain and reinforces the country’s foreign reserve position amid ongoing exchange rate management efforts.
