Nigerian naira recorded mixed movement against the United States dollar on Wednesday, July 8, 2026, as the official foreign exchange market remained relatively stable while the parallel market recorded a slight increase in the dollar rate.
Data from the Nigerian Foreign Exchange Market (NFEM) showed that the naira traded at ₦1,372.96 per dollar, representing the official benchmark rate for eligible foreign exchange transactions.
In the parallel market, also known as the black market, the dollar was sold at about ₦1,410, while the buying rate stood around ₦1,400 per dollar, according to market trackers and Bureau de Change operators.
The difference between the official and parallel market rates reflects continued demand for foreign currency outside the formal banking system, although the gap has reduced compared to previous months.
The Central Bank of Nigeria has continued to implement foreign exchange reforms aimed at improving liquidity, strengthening transparency and allowing market forces to play a greater role in determining exchange rates.
Analysts say the naira’s performance will largely depend on factors such as foreign investment inflows, crude oil export earnings, availability of dollars in the market and future monetary policy decisions.
Current exchange rates (July 8, 2026):
Official NFEM rate: ₦1,372.96/$1
Parallel market buying rate: Around ₦1,400/$1
Parallel market selling rate: Around ₦1,410/$1
Rates in the parallel market may differ slightly depending on location, demand levels and individual currency dealers. The NFEM rate remains the official reference point for authorised foreign exchange transactions in Nigeria.
