Dollar to Naira exchange rate today, July 1, 2026

The Nigerian naira held its ground against the US dollar on Wednesday, July 1, 2026, maintaining a steady performance in both official and parallel foreign exchange markets.

The official exchange rate, as reported by the Nigerian Foreign Exchange Market (NFEM), hovered around ₦1,380.17 per US dollar. This stability is attributed to the Central Bank of Nigeria's recent initiatives aimed at boosting liquidity and transparency within the foreign exchange system. The NFEM rate is a volume-weighted average derived from trades executed in the official market.

In the parallel market, often referred to as the black market, the dollar was trading at approximately ₦1,390 for buying and around ₦1,400 for selling, with rates varying by location and dealer. The spread between the official and parallel rates remained notably narrow, a contrast to wider gaps observed in previous months.

Currency analysts suggest this modest premium indicates an improved supply of foreign exchange through official channels. However, demand from importers, travelers, and other end-users continues to fuel activity in the informal market. While the parallel market rates are not regulated by the Central Bank, the official NFEM rate serves as the benchmark for government and formal financial transactions.