The Nigerian naira traded relatively stable against the United States dollar at both the official and parallel foreign exchange markets on Wednesday, July 1, 2026, as the gap between the two markets remained narrow.

Data from the Nigerian Foreign Exchange Market (NFEM) showed that the official exchange rate stood at approximately ₦1,380.17 to the US dollar on July 1. The rate reflects continued stability in the official market after the Central Bank of Nigeria's recent efforts to improve liquidity and transparency in the foreign exchange system.

The Central Bank of Nigeria publishes the NFEM rate as a volume-weighted average derived from trades executed in the official foreign exchange market.

In the parallel market, also known as the black market, the dollar exchanged at about ₦1,390 for buying and around ₦1,400 for selling, depending on location and dealer quotations. The spread between the official and parallel market rates therefore remained modest compared with wider gaps seen in previous months.

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Currency market analysts say the relatively narrow premium in the parallel market suggests improved supply of foreign exchange through official channels, although demand from importers, travelers and other end-users continues to support activity in the informal market.

Exchange rates in the parallel market are not regulated by the Central Bank of Nigeria and can vary across cities and individual Bureau De Change operators or street traders.

As with previous trading sessions, the official NFEM rate remains the benchmark exchange rate for government and formal financial transactions, while the parallel market continues to serve individuals and businesses unable to access foreign exchange through official channels.