The Nigerian naira traded with relative stability against the United States dollar on Thursday, July 2, 2026, across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market, as the gap between the two segments remained relatively narrow.
According to live foreign exchange data, the official NFEM rate stood at about ₦1,374.18 per dollar in early trading. The figure reflects the volume-weighted average of completed transactions in the official market.
In the parallel market, also known as the black market, the naira recorded a slight gain, with the dollar trading at around ₦1,385, compared with approximately ₦1,390 the previous day.
The marginal appreciation in the parallel market mirrored movements in the official window. Data from the Central Bank of Nigeria (CBN) showed that the naira had earlier strengthened from about ₦1,376 per dollar to roughly ₦1,369 in the previous session before settling near Thursday’s level.
Market participants attributed the relative stability to sustained foreign exchange liquidity and ongoing reforms by the Central Bank aimed at improving transparency and efficiency in the FX market. Analysts say the naira’s near-term performance will continue to depend on foreign exchange inflows, import demand, external reserves, and broader market sentiment.
Based on the prevailing official rate, $1 exchanged for approximately ₦1,374.18, while $10 was equivalent to about ₦13,741.80. $100 converted to roughly ₦137,418, and $1,000 amounted to about ₦1,374,180.
Exchange rates in the parallel market continue to vary slightly depending on location, dealer, and transaction size, while official NFEM rates fluctuate throughout the trading day in response to market activity.
