The Nigerian naira traded relatively steady against the United States dollar on Friday, July 10, 2026, with the local currency exchanging at ₦1,375.94 per dollar at the official Nigerian Foreign Exchange Market (NFEM), while the dollar sold for as high as ₦1,425 in the parallel market as traders continued to monitor foreign exchange liquidity and demand.
Data from the Nigerian Foreign Exchange Market (NFEM) showed that the official exchange rate closed at ₦1,375.94 to the US dollar on July 10, 2026, reflecting continued stability in the formal foreign exchange market.
In the parallel market, commonly referred to as the black market, the US dollar traded at approximately ₦1,410 for buying and ₦1,425 for selling, although rates varied slightly depending on location and individual currency dealers.
The gap between the official NFEM rate and the parallel market rate highlights the persistent demand for foreign exchange in the informal market, despite the naira maintaining relative stability in recent trading sessions.
Foreign exchange analysts say the direction of the naira in the coming weeks will largely depend on the level of foreign currency inflows, liquidity in the official market, and demand from importers, manufacturers, and other businesses seeking access to dollars.
The Central Bank of Nigeria (CBN) continues to recognise the NFEM rate as the country’s official benchmark exchange rate, while rates in the parallel market remain driven by market forces of demand and supply among informal currency traders.
