The Nigerian naira traded with mixed performance against the United States dollar on Tuesday, July 7, 2026, as the official Nigerian Foreign Exchange Market (NFEM) remained relatively stable while the parallel market recorded a slight weakening.
Data from the official exchange rate market showed that the naira exchanged at approximately ₦1,367.29 to the US dollar, reflecting continued stability in the formal foreign exchange market amid ongoing liquidity management by the monetary authorities.
In the parallel market, also known as the black market, the dollar traded at about ₦1,400 per dollar, representing a modest depreciation of the naira compared with the previous trading session. Market participants attributed the movement to persistent demand for foreign currency outside the official window.
The gap between the official NFEM rate and the parallel market remained relatively narrow at roughly ₦33 per dollar, suggesting that recent foreign exchange reforms continue to moderate volatility between both markets.
At the prevailing rates:
- Official NFEM rate: ₦1,367.29/$1
- Parallel market rate: Around ₦1,400/$1
Foreign exchange analysts say the naira’s performance will continue to depend on dollar liquidity, inflows from oil exports, foreign portfolio investment, and the Central Bank of Nigeria’s interventions in the FX market. They also note that demand from importers and manufacturers remains a key factor influencing exchange rate movements.
