The Nigerian naira remained relatively stable against the United States dollar on Monday, June 29, 2026, trading at ₦1,379.22 per dollar at the official Nigerian Foreign Exchange Market (NFEM).
At the official exchange rate, $100 was valued at about ₦137,922, while $1,000 exchanged for approximately ₦1.379 million.
In the parallel market, also known as the black market, the dollar traded at around ₦1,390 for buying and between ₦1,400 and ₦1,405 for selling, depending on location, transaction size and dealer pricing in major cities such as Lagos and Abuja.
Using the average black market selling rate of ₦1,400 per dollar, $100 was worth about ₦140,000, while $1,000 exchanged for roughly ₦1.4 million.
The difference between the official and parallel market rates remained relatively small at about ₦21 per dollar, reflecting the naira's continued stability amid improved foreign exchange liquidity and ongoing reforms aimed at strengthening the local currency.
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The Central Bank of Nigeria determines the official NFEM rate using a volume-weighted average of transactions carried out in the official foreign exchange market, making it the country's benchmark exchange rate.
However, exchange rates may vary slightly across commercial banks, bureaux de change and parallel market operators due to differences in demand, supply and transaction volumes.
