GistReel

The Nigerian naira traded at ₦1,372.96 per United States dollar at the Nigerian Foreign Exchange Market (NFEM) on Wednesday, July 8, 2026, according to official market data.

At the parallel market, commonly referred to as the black market, the dollar exchanged at approximately ₦1,400 per dollar for buying and ₦1,410 per dollar for selling, based on rates obtained from Bureau de Change operators and market observers.

The difference between the official and parallel market rates remains evident, reflecting continued demand for foreign currency outside the formal banking system.

However, the gap has reduced compared with previous months as ongoing foreign exchange reforms continue to influence market activity.

The Central Bank of Nigeria (CBN) has sustained measures aimed at boosting liquidity in the official market and promoting a more transparent exchange rate system.

Analysts say investors and businesses are closely monitoring foreign exchange inflows, crude oil earnings, and monetary policy decisions, as these factors continue to shape the naira’s performance.

Exchange Rates for July 8, 2026

Official NFEM rate: ₦1,372.96 per US dollar

Parallel market buying rate: Around ₦1,400 per US dollar

Parallel market selling rate: Around ₦1,410 per US dollar

It is important to note that black market exchange rates may differ slightly depending on location, transaction size, and individual Bureau de Change operators, while the NFEM rate remains the official benchmark for eligible foreign exchange transactions in Nigeria.