The Nigerian naira closed at ₦1379.22 against the United States (US) dollar on the Nigerian Foreign Exchange Market (NFEM) on Monday, June 29, 2026, according to the latest market data.
Based on the official exchange rate, $100 is valued at about ₦137,922, while $1,000 was exchanged for approximately ₦1.379 million.
The parallel market registers a slight premium
On the parallel market, also known as the black market, the dollar was bought for around £1,390 and sold for between £1,400 and £1,405, depending on the location and size of the transaction.
At an average selling price of ₦1,400 per dollar, $100 exchanged hands for about ₦140,000, while $1,000 was worth approximately £1.4 million.
The difference between the official and parallel market exchange rates was around ₦21 per dollar, suggesting that the gap between both markets remains relatively small.
Forex stability continues
Analysts say the modest difference 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 reference 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 vary slightly between commercial banks, exchange offices and various parallel markets due to changing supply and demand conditions.
