The Nigerian naira exchanged at ₦1,379.22 per United States dollar at the Nigerian Foreign Exchange Market (NFEM) on Monday, June 29, 2026, according to the latest available market data, as the local currency continued to hold relatively steady against the greenback.
At the official rate, $100 would exchange for approximately ₦137,922, while $1,000 would be worth around ₦1.379 million at the prevailing NFEM window rate.
In the parallel market, commonly referred to as the black market, the dollar traded at around ₦1,390 for buying and between ₦1,400 and ₦1,405 for selling, depending on location, transaction volume, and dealer quotations across major cities including Lagos and Abuja. At the average parallel market selling rate of ₦1,400, $100 would fetch roughly ₦140,000 and $1,000 approximately ₦1.4 million.
The spread between the official and parallel market rates remained relatively narrow at around ₦21 per dollar, a figure that reflects the naira’s continued stability in recent months. The convergence of both rates is widely attributed to improved foreign exchange liquidity and a series of policy reforms introduced by the Central Bank of Nigeria aimed at unifying the exchange rate market and restoring confidence in the local currency.
The CBN derives the NFEM rate using a volume-weighted average of transactions conducted across the official foreign exchange market, making it the country’s benchmark exchange rate for international trade, remittances, and financial reporting purposes. The rate serves as a key reference point for businesses, investors, and individuals conducting cross-border transactions.
Rates may vary slightly across commercial banks, bureaux de change, and different parallel market locations, reflecting fluctuations in localised demand and supply conditions at any given time. Travellers and businesses are advised to confirm prevailing rates with their respective financial institutions before conducting transactions.
