Economy

Naira Drops to N1,405/$ in Parallel Market | Forex Updates

Posted on June 19, 2026

The Nigerian Naira has depreciated to N1,405 per dollar in the parallel market, down from N1,389. This article breaks down the latest exchange rate data from the CBN and the Nigerian Foreign Exchange Market (NFEM), highlighting the growing margin between official and unofficial rates

The Naira yesterday depreciated to N1,405 per dollar in the parallel market from N1,389 per dollar on Tuesday.

Similarly, the naira depreciated to N1,361.5 per dollar in the Nigerian Foreign Exchange Market, NFEM.

Data from the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the market rose to N1,361.5 per dollar from N1,356.5 per dollar on Tuesday, indicating N5 depreciation for the naira.

Consequently, the margin between the parallel and official markets narrowed to N43.5 per dollar from N32.5 per dollar on Tuesday.

The interbank turnover at NFEM fell by 56.8 percent to N54.3 million yesterday from N125.7 million the previous day.