The Nigerian naira traded at approximately ₦1,373.99 against the United States dollar at the official Nigerian Foreign Exchange Market (NFEM) on Thursday, July 9, 2026, according to the latest market data.
The official rate indicates that the local currency continued to trade within a relatively stable range in recent sessions amid sustained efforts to improve liquidity in the foreign exchange market.
In the parallel market, commonly referred to as the black market, the US dollar sold for about ₦1,410, although rates varied slightly depending on location, dealer and transaction volume.
The gap between the official and parallel market rates remained at about ₦36 per dollar, reflecting continued demand for foreign exchange outside the formal banking system despite recent improvements in market convergence.
Exchange rates in both markets fluctuate daily in response to foreign exchange supply and demand, liquidity conditions and broader economic developments. Consequently, rates quoted by banks, bureaux de change and parallel market dealers may differ slightly from prevailing market averages.
