The Nigerian naira was quoted at ₦1,372.96 against the United States dollar in the official Nigerian Foreign Exchange Market (NFEM) on Wednesday, July 8, 2026.
In the parallel market, also known as the black market, the greenback traded at approximately ₦1,400 for buying and ₦1,410 for selling, according to rates gathered from Bureau de Change operators and market watchers.
The gap between the official and unofficial rates persists, driven by persistent demand for foreign currency outside the formal banking channels. Nevertheless, the disparity has narrowed in recent months amid ongoing foreign exchange reforms by authorities.
The Central Bank of Nigeria (CBN) has continued implementing policies aimed at improving liquidity in the official window and fostering greater transparency in the exchange rate regime. These efforts appear to be yielding gradual results in stabilising the market.
Market analysts are keeping a close watch on key drivers such as foreign exchange inflows, revenue from crude oil sales, and future monetary policy directions, all of which significantly influence the naira’s value. Businesses and investors alike remain cautious as they navigate the current economic environment.
Exchange Rates Summary for July 8, 2026
• Official NFEM Rate: ₦1,372.96 per US dollar
• Parallel Market Buying Rate: Approximately ₦1,400 per US dollar
• Parallel Market Selling Rate: Approximately ₦1,410 per US dollar
It is worth noting that rates in the parallel market can vary slightly based on location, volume of transaction, and specific dealers. The NFEM rate serves as the official benchmark for legitimate foreign exchange dealings in the country.
The modest convergence observed recently offers some relief to importers and other stakeholders who rely on a more predictable exchange environment, even as challenges in the broader economy persist.
