The Nigerian naira traded at an official exchange rate of ₦1,379.22 to the United States dollar at the Nigerian Foreign Exchange Market (NFEM) on Monday, June 29, 2026, according to the latest market data.
At the official rate, $100 exchanges for about ₦137,922, while $1,000 is valued at approximately ₦1.379 million.
In the parallel market, popularly known 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 such as Lagos and Abuja.
Using the average parallel market selling rate of ₦1,400 per dollar, $100 would exchange for about ₦140,000, while $1,000 would fetch roughly ₦1.4 million.
The gap between the official and parallel market exchange rates remained relatively narrow at about ₦21 per dollar, reflecting the naira’s continued stability in recent months amid improved foreign exchange liquidity and ongoing policy reforms aimed at supporting the local currency.
The official NFEM exchange rate is determined by the Central Bank of Nigeria (CBN) using a volume-weighted average of transactions conducted in the official foreign exchange market, making it the country’s benchmark exchange rate.
Exchange rates may, however, vary slightly across commercial banks, bureaux de change and different parallel market locations due to changes in demand and supply.
Tags: Dollar, Naira, Exchange Rate, CBN, Nigeria
