The Nigerian naira remained relatively stable against the United States dollar on Friday, July 24, 2026, across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market, as traders continued to monitor foreign exchange liquidity and demand.
Data from the official market showed the naira trading at approximately ₦1,369.92 to the dollar on the NFEM, Nigeria’s official benchmark for exchange rates.
Meanwhile, the dollar exchanged for around ₦1,420 in the parallel market, popularly known as the black market, according to market trackers. However, rates may vary depending on location, dealer margins and transaction volumes.
At the prevailing official exchange rate, $100 would be worth approximately ₦136,992, while $1,000 would exchange for about ₦1.37 million on the NFEM.
The gap between the official and parallel market rates remained relatively narrow compared with previous years, reflecting the impact of ongoing foreign exchange reforms and improved liquidity in the market.
However, analysts noted that continued demand for dollars from importers and other end-users would remain a key factor influencing exchange rate movements.
The Central Bank of Nigeria determines the official NFEM exchange rate using a volume-weighted average of transactions carried out in the market, while parallel market rates are largely determined by demand and supply among currency dealers.