Nigerian Naira Appreciates to N1,390 per Dollar in Parallel Market
The Nigerian Naira strengthened to N1,390 per US dollar in the parallel market, up from N1,395 previously, reflecting marginal improvement in foreign exchange dynamics.
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The Nigerian Naira appreciated to N1,390 per US dollar in the parallel market as of July 1, 2026, according to Vanguard News. This marks a slight strengthening from the previous rate of N1,395 recorded on Monday, June 29, 2026.
The parallel market, commonly referred to as the 'Aboki FX' market, remains a key barometer of currency sentiment despite official exchange rate mechanisms. The N1,390/$ level indicates a narrowing in the gap between the parallel market rate and the official exchange rate, although the premium over the official window persists.
Data from Naija News on June 29, 2026, confirmed ongoing volatility in dollar-to-naira trading, with market participants closely monitoring supply trends and Central Bank of Nigeria (CBN) interventions. While the CBN has not issued a formal statement on the latest movement, the recent appreciation may reflect improved dollar inflows or reduced speculative pressure.
The marginal gain in the Naira’s value comes amid continued scrutiny of Nigeria’s foreign exchange management policies. Analysts note that sustained stability will depend on broader structural reforms, including increased oil production and non-oil export diversification, to support durable inflows of foreign currency.