Naira Holds Steady as Dollar Rate Stays Within Range

(Dollar to Naira. Photo by Nairacompare)

The Nigerian naira traded within a relatively stable range against the United States dollar on Friday, July 24, 2026, both at the official Nigerian Foreign Exchange Market (NFEM) and in the parallel market, as traders continued to monitor foreign exchange liquidity and demand.

Data from the official market showed the naira exchanging at approximately ₦1,369.92 to the dollar at the NFEM, which serves as Nigeria’s official exchange rate benchmark.

In the parallel market, commonly referred to as the black market, the dollar traded at around ₦1,420, according to market trackers, though rates may vary slightly depending on location, dealer margins and transaction volumes.

Based on the prevailing official rate, $100 would exchange for about ₦136,992, while $1,000 would be worth roughly ₦1.37 million at the NFEM.

The spread between the official and parallel market rates remained relatively narrow compared with previous years, reflecting ongoing foreign exchange reforms and improved market liquidity, although analysts note that demand for dollars from importers and other end-users continues to influence market movements.

The Central Bank of Nigeria determines the official NFEM exchange rate using a volume-weighted average of transactions executed in the market, while parallel market rates are shaped by demand and supply among currency dealers.