Naira Holds at ₦1,380.17 Official Rate as Parallel Market Narrows

What happened: On July 1, 2026, the Nigerian Foreign Exchange Market (NFEM) official rate stood at ₦1,380.17 per US dollar, reflecting continued stability after the Central Bank of Nigeria's efforts to improve liquidity and transparency. The parallel market, or black market, traded the dollar at about ₦1,390 for buying and ₦1,400 for selling, depending on location and dealer.

Why it matters: The narrow gap between official and parallel rates suggests improved foreign exchange supply through official channels, which can reduce costs for importers, travelers, and businesses needing forex. For individuals and firms, knowing both rates helps decide where to source foreign currency—official channels if eligible, otherwise the parallel market at a modest premium.

What to know/do: If you need foreign exchange, check eligibility for CBN allocations or official bureau de change rates; otherwise, expect to pay around ₦1,390–₦1,400 per dollar in the parallel market. Monitor CBN announcements for further policy shifts that could narrow the gap even more.

SOURCE: https://www.channelstv.com/2026/07/01/naira-to-dollar-exchange-rate-july-1-2026/