The Nigerian naira traded around ₦1,370.33 against the United States dollar at the official Nigerian Foreign Exchange Market (NFEM) on Monday, July 6, 2026, reflecting relative stability in the country’s foreign exchange market.
Data from the official exchange rate window showed the dollar exchanging at approximately ₦1,370.33/$ at the NFEM, where the Central Bank of Nigeria derives the official daily exchange rate using a volume-weighted average of completed transactions.
In the parallel market, also known as the black market, the US dollar traded at about ₦1,400 per dollar for selling, while the buying rate hovered around ₦1,385/$, leaving a gap of roughly ₦30 between the official and informal markets.
The relatively narrow spread between the official and parallel market rates suggests continued stability in the foreign exchange market, supported by ongoing liquidity management measures and reforms aimed at improving price discovery.
Exchange rates in the parallel market may vary slightly across cities and dealers depending on demand, supply and transaction volume.
As always, individuals and businesses are advised to confirm prevailing rates with their banks or authorised foreign exchange dealers before carrying out transactions, as market prices can change during the trading day
