The Nigerian naira maintained relative stability against the United States dollar on Friday, July 24, 2026, trading within a narrow range at both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market as traders continued to monitor foreign exchange liquidity and market demand.
At the official market, data from the NFEM showed the naira exchanging at ₦1,369.92 per US dollar, maintaining its position as the country’s official benchmark exchange rate.
In the parallel market, also known as the black market, the dollar traded at approximately ₦1,420, although exchange rates varied slightly across locations due to dealer margins, transaction volumes and local demand.
At the prevailing official exchange rate, $100 was valued at about ₦136,992, while $1,000 exchanged for roughly ₦1.37 million.
The gap between the official and parallel market exchange rates remained relatively narrow compared to previous years, a development analysts attribute to ongoing foreign exchange reforms and improved market liquidity. However, they noted that demand for dollars from importers, manufacturers and other end-users continues to influence market trends.
The Central Bank of Nigeria (CBN) determines the official NFEM exchange rate using a volume-weighted average of transactions conducted in the market, while rates in the parallel market are driven primarily by the forces of demand and supply among currency traders.