The Nigerian naira traded at approximately ₦1,395 to the United States dollar in the parallel market, also known as the black market, on Wednesday, June 17, 2026.
Market data showed that the exchange rate remained largely stable compared to the previous trading day, reflecting sustained demand for foreign exchange across Nigeria’s informal currency market.
AbokiForex reported that one US dollar exchanged for about ₦1,395 in the black market, while some traders quoted rates around ₦1,400 depending on location and transaction volume.
The parallel market continues to serve individuals and businesses unable to access foreign currency through official banking channels, often resulting in exchange rates that differ from those available in the formal market.
Meanwhile, available market data indicated that the official exchange rate remained stronger than the parallel market rate, highlighting the persistent gap between both markets. Recent market trackers placed the official rate within the ₦1,350–₦1,370 range per dollar.
Foreign exchange analysts attribute movements in the naira to factors including dollar liquidity, import demand, external reserves, and investor confidence. While recent reforms in Nigeria’s foreign exchange market have helped improve liquidity and transparency, pressure on the naira remains driven by strong demand for dollars from importers, manufacturers, students, and travelers.
Dollar to Naira Rates Today (June 17, 2026)
Parallel Market (Black Market): ₦1,395 – ₦1,400/$1
Official Market: Around ₦1,356 – ₦1,364/$1
Currency traders have advised individuals and businesses engaging in foreign exchange transactions to monitor market developments closely, as rates may vary across locations and can change during the course of the trading day.
