On July 24, 2026, the Nigerian naira maintained steady value against the American dollar across both official and unofficial channels. Traders remained watchful of market liquidity and consistent demand throughout the day.
Official records from the Nigerian Foreign Exchange Market (NFEM) placed the naira at approximately ₦1,369.92 per dollar. Conversely, the unofficial parallel market saw the dollar valued at roughly ₦1,420. Keep in mind that these rates vary based on specific dealer margins, geographic location, and the size of the transaction.
With these figures, an exchange of $100 equals ₦136,992, while $1,000 converts to approximately ₦1.37 million at the official rate. The gap between these two market tiers remains tighter than in years past, an outcome attributed to consistent financial reforms and better liquidity. Nevertheless, import requirements and general end-user demand continue to shape current price trends.
The Central Bank of Nigeria calculates the official NFEM rate by evaluating the volume-weighted average of trades. Meanwhile, the parallel market relies strictly on the dynamics of supply and demand between individual currency operators.
