The Nigerian naira exchanged at approximately ₦1,381.68 to the United States dollar at the Nigerian Foreign Exchange Market (NFEM) on Wednesday, July 22, 2026, based on official market data.
The rate indicates that the naira was trading at ₦1,381.68 per dollar in the official market at the beginning of Wednesday’s trading session.
In the parallel market, popularly known as the black market, the dollar was bought at about ₦1,408 and sold for approximately ₦1,413. However, the actual rates may differ depending on the location, dealer, transaction volume and prevailing market conditions.
At the official NFEM rate, $100 would be exchanged for about ₦138,168, while the same amount could fetch approximately ₦141,300 at the parallel market selling rate.
The difference between the official and parallel market rates reflects the dynamics of supply and demand in Nigeria’s foreign exchange market.
The Central Bank of Nigeria has continued to implement reforms aimed at improving liquidity and reducing the disparity between the official and parallel markets. Despite these efforts, the street market continues to trade at a premium to the official rate.
Parallel market exchange rates are not fixed and can change several times within a day, depending on market conditions, dealer quotations and transaction volumes. The official NFEM rate may also fluctuate as trading progresses.