The Nigerian naira changed hands at roughly N1,381.68 to the United States dollar at the Nigerian Foreign Exchange Market (NFEM) on Wednesday, July 22, 2026, according to official market figures.
At the start of trading on Wednesday, the official window put the local currency at N1,381.68 to a single dollar, a rate that captured prevailing conditions in the market.
Over at the parallel market, popularly called the black market, dealers quoted the greenback at about N1,408 for buying and N1,413 for selling, with figures likely to shift slightly according to location, transaction size and the dealer involved.
Going by these rates, an exchange of $100 would translate to roughly N138,168 at the official window, whereas the same sum could bring in about N141,300 using the parallel market selling price.
The persistent spread between the two windows continues to mirror the interplay of demand and supply in Nigeria’s foreign exchange market. The Central Bank of Nigeria has pressed on with reforms designed to boost liquidity and shrink the gap between both rates, even as the street market keeps trading at a premium above the official figure.
Rates in the parallel market are not fixed and can be adjusted several times within a single day depending on prevailing conditions, dealer quotes and the level of transactions. In the same way, the official NFEM rate may move as trading unfolds through the day.
Source: Vanguard.
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