The Nigerian naira recorded mixed performance against the United States dollar on Tuesday, July 7, 2026, as it remained stable at the official foreign exchange market but weakened slightly in the parallel market.
At the Nigerian Foreign Exchange Market (NFEM), the naira exchanged at ₦1,367.29 to one US dollar, reflecting continued stability in the official market amid ongoing efforts by the monetary authorities to manage liquidity.
In the parallel market, commonly known as the black market, the dollar traded at around ₦1,400, indicating a slight depreciation of the naira compared to the previous trading session. Traders attributed the movement to sustained demand for foreign currency outside the official window.
The difference between the official and parallel market rates stood at about ₦33 per dollar, suggesting that recent foreign exchange reforms have continued to narrow the gap between both markets.
Exchange rates for Tuesday:
Official NFEM: ₦1,367.29/$1
Parallel market: Around ₦1,400/$1
Financial analysts say the direction of the naira in the coming weeks will largely depend on the availability of foreign exchange, inflows from crude oil exports, foreign investments, and interventions by the Central Bank of Nigeria. They also noted that demand from importers and manufacturers continues to play a major role in shaping exchange rate movements.
