The Nigerian naira remained largely stable against the United States dollar on Thursday, July 2, 2026, as exchange rates in both the official foreign exchange market and the parallel market showed little movement.
Latest foreign exchange data showed that the naira opened trading at an official Nigerian Foreign Exchange Market (NFEM) rate of ₦1,374.18 per US dollar. The figure represents the volume-weighted average of completed transactions recorded through the country’s formal banking system.
In the parallel market, also known as the black market, the local currency recorded a slight improvement. Bureau de Change operators and currency traders exchanged the dollar at around ₦1,385, compared with approximately ₦1,390 recorded in the previous trading session.
The narrowing gap between the official exchange rate and the parallel market rate reflects the relative stability that has been observed in recent weeks.
Data from the Central Bank of Nigeria (CBN) showed that the official exchange rate fluctuated between ₦1,376 and ₦1,369 per dollar during the previous trading session before settling close to Thursday’s opening average.
Market analysts attribute the naira’s recent stability to improved foreign exchange liquidity and the continued implementation of reforms introduced by the CBN. The measures are aimed at improving transparency, enhancing price discovery and increasing efficiency within Nigeria’s foreign exchange market.
Economists, however, note that the direction of the naira in the coming weeks will largely depend on the level of foreign currency inflows, demand for imports, the country’s external reserves and overall investor confidence in the Nigerian economy.
Based on Thursday’s official NFEM exchange rate of ₦1,374.18 per US dollar, the value of common dollar conversions is as follows:
- 1 US dollar = ₦1,374.18
- 10 US dollars = ₦13,741.80
- 100 US dollars = ₦137,418
- 1,000 US dollars = ₦1,374,180
The continued convergence between the official and parallel market exchange rates remains one of the key indicators being monitored by investors, businesses and policymakers as Nigeria seeks to strengthen confidence in its foreign exchange market.
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