The Nigerian naira remained relatively stable against the United States dollar on Thursday, July 2, 2026, with only slight movements recorded across both the official and parallel foreign exchange markets.
At the Nigerian Foreign Exchange Market (NFEM), the naira traded at about ₦1,374.18 per dollar, according to available market data. The official rate is determined by the volume-weighted average of transactions completed during trading.
The parallel market also recorded a slight improvement, with the dollar selling at around ₦1,385, compared to about ₦1,390 recorded the previous day.
The gains follow recent improvements in the official market, where the Central Bank of Nigeria's data showed the naira had appreciated in recent trading sessions before settling around Thursday's rate.
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Foreign exchange traders and market analysts attributed the stability to improved dollar liquidity and ongoing reforms introduced by the Central Bank to enhance transparency and efficiency in the foreign exchange market.
They noted that the naira's performance in the coming days will largely depend on factors such as foreign exchange inflows, demand for imports, the country's external reserves and overall market confidence.
Based on the official exchange rate, $1 exchanged for about ₦1,374.18, while $10 was worth approximately ₦13,741.80, $100 exchanged for about ₦137,418, and $1,000 was valued at roughly ₦1.374 million.
Exchange rates in the parallel market may vary slightly depending on the location, dealer and size of the transaction, while official NFEM rates continue to fluctuate during trading hours as new transactions are completed.
