On Monday, June 29, 2026, the Nigerian naira ended trading at ₦1,379.22 relative to the US dollar within the Nigerian Foreign Exchange Market (NFEM), as indicated by recent market data.
In terms of the official exchange rate, the value of $100 amounted to approximately ₦137,922. Similarly, $1,000 was equivalent to about ₦1.379 million.
Parallel market records slight premium
Conversely, in the unofficial or black market, the purchasing price for a dollar hovered around ₦1,390, with selling prices fluctuating between ₦1,400 and ₦1,405, contingent on the transaction’s location and volume.
Based on an average selling rate of ₦1,400 per US dollar, $100 converted to nearly ₦140,000, while $1,000 fetched an estimated ₦1.4 million.
The disparity between the rates in the official and black markets was approximately ₦21 per dollar, indicating that the divergence between the two remains fairly consistent.
Forex stability continues
Analysts say the modest spread reflects the naira’s recent stability, supported by improved foreign exchange liquidity and ongoing policy measures designed to strengthen the local currency.
The NFEM rate, which serves as Nigeria’s benchmark exchange rate, is calculated by the Central Bank of Nigeria using a volume-weighted average of transactions completed in the official foreign exchange market.
However, exchange rates may differ slightly across commercial banks, bureaux de change and various parallel market locations due to changing demand and supply conditions.