The Nigerian naira traded mixed against the United States dollar on Tuesday, July 7, 2026, holding broadly steady at the official foreign exchange market while weakening slightly in the parallel market.
Data from the Nigerian Foreign Exchange Market (NFEM) showed the naira closing at approximately ₦1,367.29 to the dollar, reflecting continued stability in the official market amid sustained liquidity management by the monetary authorities.
In the parallel market, commonly referred to as the black market, the naira slipped modestly to about ₦1,400 per dollar as persistent demand for foreign currency outside the official window continued to exert pressure on the exchange rate.
The difference between the official NFEM rate and the parallel market rate remained relatively narrow at about ₦33 per dollar, suggesting that recent foreign exchange reforms have helped contain volatility and reduce the gap between the two markets.
At the close of trading, the official exchange rate stood at ₦1,367.29 per dollar, while the parallel market rate was around ₦1,400 per dollar.
Analysts said the naira’s near-term performance would continue to depend on the availability of dollar liquidity, inflows from crude oil exports and foreign portfolio investment, as well as interventions by the Central Bank of Nigeria in the foreign exchange market. They added that demand for foreign currency from importers and manufacturers remains a key driver of exchange rate movements.
