The Nigerian naira traded at ₦1,372.96 against the United States dollar at the Nigerian Foreign Exchange Market (NFEM) on Wednesday, July 8, 2026, according to official market data. The latest rate represents the benchmark exchange rate for transactions in the official foreign exchange market.
In the parallel market, also known as the black market, the dollar exchanged at about ₦1,410 per dollar for selling, while the buying rate hovered around ₦1,400, according to market trackers and Bureau de Change reports.
The gap between the official and parallel market rates continues to reflect sustained demand for foreign exchange outside the formal banking system, although the spread has narrowed compared with previous months.
The Central Bank of Nigeria has maintained reforms aimed at improving liquidity and encouraging price discovery in the official foreign exchange market. Market participants continue to monitor inflows from foreign investors, oil export earnings and monetary policy decisions for their impact on the value of the naira.
As of today, the exchange rates are:
- Official NFEM rate: ₦1,372.96/$1
- Parallel market buying rate: Around ₦1,400/$1
- Parallel market selling rate: Around ₦1,410/$1
Exchange rates in the parallel market may vary slightly depending on location, transaction volume and the dealer involved, while the NFEM rate serves as the official benchmark for eligible foreign exchange transactions in Nigeria.
The post Dollar to Naira exchange rate today, July 8, 2026 appeared first on Vanguard News.
Premium TImes
Business Day
Daily Post
Vanguard Nigeria
Punch Nigeria
Channels TV
Complete Sports
This Day