The Nigerian naira traded at approximately ₦1,381.68 against the United States dollar at the Nigerian Foreign Exchange Market (NFEM) on Wednesday, July 22, 2026, according to official market data.
The official exchange rate showed the naira exchanging at ₦1,381.68/$1 in the NFEM, reflecting the prevailing market rate at the start of trading on Wednesday.
In the parallel market, commonly known as the black market, the dollar traded at around ₦1,408 per dollar for buying and ₦1,413 per dollar for selling, although rates may vary slightly depending on location, transaction size and dealer.
Based on the prevailing rates, $100 would exchange for about ₦138,168 at the official market, while the same amount could fetch about ₦141,300 at the parallel market selling rate.
The difference between the official and parallel market rates continues to reflect demand and supply dynamics in Nigeria’s foreign exchange market. The Central Bank of Nigeria has maintained reforms aimed at improving liquidity and narrowing the gap between the two exchange windows, although the street market continues to trade at a premium over the official rate.
Exchange rates in the parallel market are not fixed and may change several times during the day based on market conditions, dealer quotations and the volume of transactions. Likewise, the official NFEM rate may fluctuate as trading progresses.
