The Nigerian naira maintained a stable performance against the United States dollar on Monday, July 6, 2026, trading at approximately ₦1,370.33/$ at the official Nigerian Foreign Exchange Market (NFEM).
The latest figures indicate that the local currency continues to show resilience amid ongoing efforts to strengthen the country’s foreign exchange market.
According to data from the official trading window, the dollar exchanged at around ₦1,370.33 per dollar.
The Central Bank of Nigeria (CBN) determines the official exchange rate using a volume-weighted average of completed transactions carried out on the NFEM.
Black market rate remains close to official window
In the parallel market, commonly referred to as the black market, the US dollar sold for about ₦1,400/$, while buyers purchased the currency at approximately ₦1,385/$.
This leaves a difference of roughly ₦30 between the official exchange rate and the parallel market selling rate, a relatively narrow margin compared with wider gaps recorded in previous periods.
The modest spread between both markets is seen by analysts as a sign of improving stability in Nigeria’s foreign exchange system.
It also reflects the impact of liquidity management measures and reforms introduced to encourage better price discovery and improve confidence in the market.
Rates may differ across locations
Despite the quoted figures, exchange rates in the parallel market are not fixed and may vary from one city to another.
Prices can also differ among dealers depending on foreign currency demand, supply levels and transaction volumes.
Market participants are therefore encouraged to verify current exchange rates with their banks or authorised foreign exchange dealers before completing transactions, as rates may fluctuate during the course of the trading day.