The Nigerian naira traded largely stable against the United States dollar on Thursday, July 2, 2026, with the official Nigerian Foreign Exchange Market (NFEM) rate standing at ₦1,374.18 per US dollar, while the parallel market rate hovered around ₦1,385/$1, maintaining a relatively narrow gap between both markets.
Latest foreign exchange data showed the official NFEM rate at approximately ₦1,374.18 to the dollar during Thursday’s trading.
The figure represents the volume-weighted average of completed transactions in Nigeria’s official foreign exchange market.
The parallel market, commonly referred to as the black market, also recorded a slight improvement for the naira.
The US dollar traded at about ₦1,385, compared with roughly ₦1,390 recorded the previous day.
Parallel market extends gains
The latest movement follows recent gains recorded in the official market.
Figures released by the Central Bank of Nigeria indicated that the official exchange rate strengthened from around ₦1,376 per dollar to approximately ₦1,369 during the previous trading session before settling close to Thursday’s level.
Traders linked the relative stability of the naira to improved foreign exchange liquidity and the Central Bank’s continued reforms aimed at boosting transparency and efficiency in the country’s forex market.
Analysts believe the naira’s performance in the coming days will largely depend on the level of foreign exchange inflows, import demand, external reserves and overall investor confidence.
Based on the prevailing official exchange rate: $1 = approximately ₦1,374.18.
Meanwhile, exchange rates in the parallel market may differ slightly depending on location, dealer and transaction size.
Official NFEM rates also fluctuate throughout the trading day as new transactions are completed.