The Nigerian naira closed stronger against the United States dollar on Monday, June 29, 2026, trading at ₦1,379.22/$1 at the Nigerian Foreign Exchange Market (NFEM), according to the latest figures released by the Central Bank of Nigeria.
At the official exchange rate, $100 exchanged for approximately ₦137,922, while $1,000 was valued at about ₦1.379 million.
In the parallel market, commonly known as the black market, the dollar traded at ₦1,390 for buying and between ₦1,400 and ₦1,405 for selling, depending on the location and transaction size.
Using the average selling price of ₦1,400 per dollar, $100 exchanged for about ₦140,000, while $1,000 sold for roughly ₦1.4 million.
The difference between the official market and the black market remained relatively narrow at about ₦21 per dollar, reflecting the continued convergence of both markets.
Financial analysts attributed the naira’s relative stability to improved foreign exchange liquidity, stronger investor confidence and ongoing monetary policies aimed at stabilising the local currency.
The Nigerian Foreign Exchange Market (NFEM), which serves as the country’s benchmark foreign exchange window, determines the official exchange rate using a volume weighted average of completed transactions.
Despite the official benchmark, exchange rates may still vary slightly across commercial banks, bureaux de change and parallel market operators due to differences in demand, supply and market conditions.
