The Nigerian naira held steady against the US dollar as the local currency showed signs of stability across both official and parallel foreign exchange markets.
On Thursday, July 2, 2026, the naira maintained a relatively strong position, with the gap between the official market and the parallel market continuing to reduce.
According to foreign exchange data, the official Nigerian Foreign Exchange Market (NFEM) opened at about ₦1,374.18 per US dollar. The rate represents the average value of completed dollar transactions within the formal banking system.
Meanwhile, the parallel market recorded a slight improvement for the naira. Bureau de Change operators and street traders quoted the dollar at around ₦1,385, compared with ₦1,390 recorded during the previous trading session.
The movement followed a similar trend in the official market, where the exchange rate moved between ₦1,376 and ₦1,369 per dollar before settling around the current average.
Market analysts linked the naira’s recent stability to improved foreign exchange liquidity and ongoing reforms by the Central Bank of Nigeria (CBN). These measures have helped increase transparency and improve transactions across the forex market.
However, experts say the naira’s future performance will depend on several factors. These include foreign currency inflows, import demand, external reserves and investor confidence.
Based on the current official rate of ₦1,374.18 per dollar:
- $1 = ₦1,374.18
- $10 = ₦13,741.80
- $100 = ₦137,418
- $1,000 = ₦1,374,180
As Nigeria’s forex market continues to adjust, businesses and individuals remain focused on how future dollar movements will affect prices, imports and everyday expenses.
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