Dollar to Naira Black Market Rate Today — Tuesday, 7 July 2026

Naira weakened further against the dollar on Tuesday, 7 July 2026, with the greenback trading at ₦1,404.14 to buy and ₦1,411.58 to sell on the parallel market, a day-on-day deterioration of 1.63 percent that extends what is shaping into a sustained run of losses for the local currency.

The latest slide marks the third consecutive session in which the naira has given ground on the black market, a stretch that is drawing fresh concern from traders and importers alike. Demand for dollars has remained elevated as end-of-quarter dividend repatriation by multinationals winds down and is replaced by fresh import financing pressure, particularly from the energy and fast-moving consumer goods sectors. With supply failing to keep pace, bureau de change operators have had little choice but to push rates higher each morning.

The gap between the street rate and the official window has widened noticeably as a result. The Central Bank of Nigeria's reference rate currently sits at ₦1,379 per dollar, meaning the parallel market carry a premium of roughly ₦32.58 on the sell side, a spread that, while not at historic extremes, is wide enough to incentivise round-tripping and signals that the CBN's liquidity interventions have not yet been sufficient to fully anchor sentiment. Readers who want to monitor how that official benchmark evolves can follow the latest CBN rates on this platform.

Other major currencies tracked in the informal market are moving in sympathy with the dollar trend. Sterling is currently quoted at ₦1,873.68 to buy and ₦1,887.19 to sell, reflecting persistent global demand for the pound ahead of the Bank of England's next policy meeting. The euro is changing hands at ₦1,618.02 on the buy side and ₦1,629.68 on the sell side, broadly in line with the pound's trajectory against the naira. A fuller picture of cross rates is available on our dedicated dollar to naira tracker.

For readers actively monitoring this trend, the practical takeaway is straightforward: until dollar liquidity improves, either through a meaningful CBN intervention or a pickup in diaspora remittance inflows, the path of least resistance for the parallel rate remains upward. Those with naira obligations due within the next week should consider locking in conversion needs sooner rather than later, rather than waiting in hopes of a near-term reversal that the current momentum does not yet support.