The Nigerian naira traded at ₦1,372.96 against the United States dollar at the Nigerian Foreign Exchange Market (NFEM) on Wednesday, July 8, 2026, according to official market data. The rate serves as the benchmark exchange rate for transactions in Nigeria’s official foreign exchange market.
In the parallel market, commonly referred to as the black market, the dollar sold for about ₦1,410, while the buying rate hovered around ₦1,400, based on Bureau de Change operators and market trackers.
The difference between the official and parallel market rates continues to reflect persistent demand for foreign exchange outside the formal banking system, although the spread has narrowed in recent months amid ongoing reforms.
The Central Bank of Nigeria has continued to implement measures aimed at improving liquidity, enhancing transparency and strengthening price discovery in the official foreign exchange market. Market participants are also closely watching foreign portfolio inflows, oil export earnings and monetary policy decisions for their potential impact on the naira.
As of Wednesday, the official NFEM exchange rate stood at ₦1,372.96 to the dollar, while the parallel market buying and selling rates were approximately ₦1,400/$1 and ₦1,410/$1, respectively.
Exchange rates in the parallel market may vary slightly depending on location, transaction size and the dealer, while the NFEM rate remains the official benchmark for eligible foreign exchange transactions in Nigeria.
