Dollar vs Naira: Official Exchange Rate Stays Stable While Black Market Climbs to N1,400
- The naira traded at ₦1,367.29 per dollar in the official Nigerian Foreign Exchange Market (NFEM), maintaining relative stability on Tuesday, July 7, 2026
- In the parallel market, the dollar sold for about ₦1,400, reflecting a slight depreciation of the naira due to sustained demand for foreign currency
- Analysts say the naira's performance will continue to depend on dollar liquidity, oil export earnings, foreign investment inflows, and the CBN's FX policies
Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
The Nigerian naira recorded a mixed performance against the United States dollar on Tuesday, July 7, 2026, remaining largely stable in the official foreign exchange market while posting a slight decline in the parallel market.
Latest data from the Nigerian Foreign Exchange Market (NFEM) showed the local currency closed at ₦1,367.29/$1, extending the relative stability witnessed in recent weeks, according to Vanguard.
Source: UGC
The performance reflects sustained liquidity management efforts by the Central Bank of Nigeria (CBN) and ongoing reforms to improve transparency in the country's foreign exchange market.
However, activity in the parallel market painted a different picture, with the dollar trading at approximately ₦1,400/$1, indicating a modest weakening of the naira compared to the previous trading session.
Currency traders attributed the movement to persistent demand for foreign exchange from individuals and businesses unable to access sufficient dollars through official channels.
Official, parallel market gap remains narrow
Despite the slight divergence between the two markets, the spread remained relatively contained at about ₦33 per dollar, significantly lower than the wide disparities observed before the recent foreign exchange reforms.
The narrowing gap has been viewed by analysts as a sign of improving price discovery and greater confidence in the official market, although demand pressure in the informal market continues to persist.
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At the close of trading, the exchange rates stood at:
- Official NFEM: ₦1,367.29 per US dollar
- Parallel market: About ₦1,400 per US dollar
The official window has continued to attract a larger share of foreign exchange transactions as the CBN maintains policies designed to boost liquidity, improve market efficiency and encourage greater participation by investors.
Dollar supply, oil earnings to shape naira's outlook
Foreign exchange experts say the naira's short-term direction will largely depend on the availability of dollar liquidity across the banking system, inflows from crude oil exports, foreign portfolio investments and remittances from Nigerians in the diaspora.
They also noted that the CBN's interventions, alongside broader macroeconomic policies, will remain critical in sustaining exchange rate stability.
Source: UGC
Speaking with Legit.ng, Olumide Adesina, a financial expert, mentioned some factors that would continue to influence forex adjustments.
"The demand from manufacturers, importers and other businesses requiring foreign currency for raw materials, equipment and international transactions will continue to influence market movements."
While the official market has shown resilience, they warned that any significant drop in foreign exchange inflows or increase in demand could exert fresh pressure on the local currency in the coming weeks.
CBN issues new remittance rules
Meanwhile, Legit.ng earlier reported that the CBN has mandated that all international remittances must now be settled in naira through authorised local banks.
IMTOs gain flexibility under strict guidelines, ensuring transparency in remittance operations.
Real-time exchange rates will improve pricing fairness and stability in Nigeria's remittance ecosystem
Source: Legit.ng
Victor Enengedi (Business HOD) Victor Enengedi is a trained journalist with over a decade of experience in both print and online media platforms. He holds a degree in History and Diplomatic Studies from Olabisi Onabanjo University, Ogun State. An AFP-certified journalist, he functions as the Head of the Business Desk at Legit. He has also worked as Head of Editorial Operations at Nairametrics. He can be reached via victor.enengedi@corp.legit.ng and +2348063274521.
Olumide Adesina (Cryptocurrency expert and senior analyst at Quantum Economics) Olumide Adesina is a French-born financial market writer and trader who tracks, analyses and reports changes in financial markets. Olumide has over 15 years of working experience in investment trading. He reports news about the international and Nigerian financial markets. His byline has appeared across news platforms like Yahoo Finance, Yahoo New Zealand, CoinDesk, Nasdaq, TheCable, and Africa Report, among others.
