The naira traded on a relatively steady note against the United States dollar on Thursday, July 2, 2026, with both the official and parallel foreign exchange markets showing only a narrow difference in rates.
At the official Nigerian Foreign Exchange Market, NFEM, the naira exchanged at about ₦1,374.18 to the dollar on Thursday morning. The figure reflects the volume weighted average of completed transactions in the official market.
The local currency also posted a slight gain at the parallel market, where the dollar was quoted at around ₦1,385, improving from the roughly ₦1,390 recorded the previous day.
The movement in the black market followed similar progress at the official window. Data released by the Central Bank of Nigeria showed that the NFEM rate had strengthened from around ₦1,376 per dollar to about ₦1,369 in the previous trading session before settling close to Thursday’s level.
Market watchers linked the relative calm in the exchange market to improved foreign exchange liquidity and the Central Bank’s continued reforms aimed at boosting transparency and efficiency in the system.
They added that the naira’s direction in the coming days would likely depend on the volume of forex inflows, pressure from import demand, the level of external reserves and overall market sentiment.
Based on the prevailing official exchange rate, one dollar is worth about ₦1,374.18, while 10 dollars amount to roughly ₦13,741.80. A sum of 100 dollars converts to about ₦137,418, while 1,000 dollars is equivalent to around ₦1,374,180.
However, rates in the parallel market may differ slightly depending on location, dealer and transaction size. The official NFEM rate may also change during the day as fresh trades are recorded.
