GistReel
The Nigerian naira traded at ₦1,369.92 per United States dollar at the official Nigerian Foreign Exchange Market (NFEM) on Friday, July 24, 2026, while the dollar sold for about ₦1,420 in the parallel market.
The local currency maintained relative stability across both foreign exchange markets as traders continued to monitor dollar liquidity and demand.
Official and black market rates
Figures from the NFEM showed the naira closing at approximately ₦1,369.92/$1, making it the official benchmark exchange rate for foreign exchange transactions in Nigeria.
Meanwhile, the parallel market, popularly known as the black market, recorded the dollar at around ₦1,420/$1.
However, exchange rates varied slightly across different locations due to dealer pricing, transaction volumes and market demand.
At the official rate, $100 exchanged for about ₦136,992, while $1,000 was valued at approximately ₦1.37 million.
Market remains relatively stable
The gap between the official and parallel market exchange rates remained narrower than in previous years, indicating continued stability in the foreign exchange market.
Market analysts attributed the trend to ongoing foreign exchange reforms and improved liquidity.
However, they noted that demand for dollars from importers, businesses and other end-users continues to influence market movements.
The Central Bank of Nigeria calculates the official NFEM exchange rate using the volume-weighted average of completed market transactions.
In contrast, rates in the parallel market are determined by demand and supply among currency dealers.