The Nigerian naira traded within a relatively stable range against the United States dollar on Friday, July 24, 2026, across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market, as traders continued to track foreign exchange supply and demand conditions.
Data from the official market showed the naira exchanging at about ₦1,369.92 per dollar at the NFEM, Nigeria’s official foreign exchange benchmark.
In the parallel market, popularly known as the black market, the dollar traded at approximately ₦1,420, according to market trackers. However, rates may vary slightly depending on location, dealer margins and transaction volumes.
At the prevailing official rate, $100 exchanged for about ₦136,992, while $1,000 was valued at roughly ₦1.37 million.
The gap between the official and parallel market rates remained relatively narrow compared with previous years, reflecting ongoing foreign exchange reforms and improved market conditions. However, analysts noted that demand for dollars from importers, businesses and other end-users continues to influence movements in the currency market.
The Central Bank of Nigeria determines the official NFEM exchange rate using a volume-weighted average of transactions conducted in the market, while parallel market rates are largely influenced by demand and supply dynamics among currency dealers.
