The Nigerian naira traded relatively stable against the United States dollar on Wednesday, July 1, 2026, as the gap between the official and parallel foreign exchange markets remained narrow.
Data from the Nigerian Foreign Exchange Market (NFEM) showed the official exchange rate at about ₦1,380.17 to the dollar, reflecting continued stability amid recent measures by the Central Bank of Nigeria to improve liquidity and transparency in the foreign exchange system.
The NFEM rate is a volume-weighted average of trades executed in the official foreign exchange market, as published by the Central Bank of Nigeria.
In the parallel market, also known as the black market, the dollar exchanged at around ₦1,390 for buying and ₦1,400 for selling, depending on location and dealer pricing. This kept the spread between both markets relatively narrow compared with wider differentials recorded in previous months.
Analysts say the smaller gap suggests improved foreign exchange supply through official channels, although demand from importers, travellers and other end-users continues to sustain activity in the informal market.
Exchange rates in the parallel market are not regulated by the Central Bank of Nigeria and vary across cities and individual Bureau de Change operators.
The official NFEM rate remains the benchmark for government and formal financial transactions, while the parallel market continues to serve individuals and businesses unable to access foreign exchange through official channels.
