The Nigerian naira remained broadly stable against the United States dollar across both the official and parallel foreign exchange markets on Wednesday, July 1, 2026, with the gap between the two rates staying relatively tight.
Figures from the Nigerian Foreign Exchange Market (NFEM) put the official exchange rate at approximately ₦1,380.17 to the dollar on the day, reflecting continued steadiness in the official market following the Central Bank of Nigeria’s recent steps to boost liquidity and improve transparency in the foreign exchange system.
The CBN publishes the NFEM rate as a volume-weighted average drawn from transactions conducted within the official foreign exchange market.
On the parallel market — commonly referred to as the black market — the dollar changed hands at around ₦1,390 for buying and roughly ₦1,400 for selling, depending on location and the rates offered by individual dealers. The difference between the official and street rates therefore remained modest compared with the wider gaps recorded in previous months.
Currency analysts say the narrowing premium in the parallel market points to improved foreign exchange supply through official channels, even as sustained demand from importers, travellers and other end-users continues to drive activity in the informal market.
It is worth noting that parallel market rates are not regulated by the CBN and can differ across cities and among individual Bureau De Change operators or street traders.
As has been the case in previous trading sessions, the official NFEM rate remains the standard benchmark for government and formal financial transactions, while the parallel market continues to serve individuals and businesses that cannot access foreign exchange through official channels.