The Nigerian naira remained relatively stable against the United States dollar on Wednesday, July 1, 2026, with only a small difference between the official and parallel market exchange rates.
At the Nigerian Foreign Exchange Market (NFEM), the official exchange rate stood at about ₦1,380.17 to one US dollar, reflecting continued stability in the formal foreign exchange market.
The official rate is calculated by the Central Bank of Nigeria using a volume-weighted average of transactions carried out in the official market.
In the parallel market, commonly known as the black market, the dollar traded at around ₦1,390 for buying and approximately ₦1,400 for selling, depending on the location and individual currency dealers.
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The narrow gap between the official and parallel market rates suggests an improvement in foreign exchange supply through official channels compared to previous months.
However, analysts say demand from importers, travellers and other individuals still keeps the parallel market active.
Unlike the official market, exchange rates in the parallel market are not regulated by the Central Bank of Nigeria and may vary across different cities and currency dealers.
The NFEM rate remains the country's benchmark exchange rate for official transactions, while many individuals and businesses continue to rely on the parallel market when they cannot access foreign exchange through formal channels.
