The naira traded at relatively stable levels against the United States dollar on Friday, July 24, 2026, as Nigeria’s foreign exchange market continued to experience a narrow spread between official and parallel market rates.
According to market data, the dollar exchanged at about ₦1,405/$ (buy) and ₦1,410/$ (sell) in the parallel market, commonly referred to as the black market. Rates may differ slightly across cities and Bureau de Change (BDC) operators depending on transaction size and prevailing market conditions.
The official Nigerian Foreign Exchange Market (NFEM) rate remained lower than the parallel market rate, reflecting the continued premium for dollar liquidity outside the regulated market.
While the Central Bank of Nigeria (CBN) does not recognise the parallel market as an official forex window, it remains widely used by businesses and individuals seeking foreign currency for transactions.
Dollar to Naira Black Market Rates Today
| Currency | Buying Rate | Selling Rate |
| US Dollar (USD) | ₦1,405 | ₦1,410 |
Note: Exchange rates vary across locations, dealers, and transaction volumes.
The relatively modest gap between the official and parallel market rates suggests continued convergence in Nigeria’s forex market, a trend analysts have linked to ongoing reforms aimed at improving liquidity and price discovery.
Businesses, importers and individuals are advised to confirm prevailing exchange rates with authorised dealers before concluding foreign exchange transactions, as rates can change multiple times during the trading day.
