GistReel
The Nigerian naira traded at ₦1,367.29 per United States dollar at the official Nigerian Foreign Exchange Market (NFEM) on Tuesday, July 7, 2026, while the currency exchanged at about ₦1,400/$1 in the parallel market, reflecting a mixed performance against the greenback.
Data from the official foreign exchange market showed that the naira maintained relative stability at the NFEM, underscoring continued efforts by monetary authorities to sustain liquidity and reduce volatility in the formal FX market.
However, the parallel market, commonly referred to as the black market, recorded a slight weakening of the naira as the dollar traded at around ₦1,400.
The marginal depreciation was attributed to sustained demand for foreign currency outside the official exchange window.
Despite the divergence, the spread between the official and parallel market rates remained relatively narrow at about ₦33 per dollar, indicating that ongoing foreign exchange reforms have continued to moderate fluctuations between both markets.
At Tuesday’s exchange rates:
Official NFEM: ₦1,367.29 per US dollar
Parallel market: Around ₦1,400 per US dollar
Foreign exchange analysts said the outlook for the naira will largely depend on the availability of dollar liquidity, earnings from crude oil exports, foreign portfolio investment inflows, and continued interventions by the Central Bank of Nigeria in the foreign exchange market.
They added that demand for foreign currency from importers, manufacturers, and other businesses remains a major factor shaping exchange rate movements in both the official and parallel markets.