The Nigerian naira maintained relative stability against the United States dollar at the official foreign exchange market on Thursday, July 16, 2026, while the parallel market continued to record higher dollar rates.
Market data showed that the official Nigerian Foreign Exchange Market (NFEM) rate stood at approximately ₦1,384 per US dollar, representing only slight changes compared with recent trading activities. The Central Bank of Nigeria (CBN) identifies the NFEM rate as the official volume-weighted average exchange rate for the foreign exchange market.
In the parallel market, popularly known as the black market, currency traders quoted the dollar at about ₦1,408 for buying and ₦1,420 for selling on Thursday.
The difference between the official and parallel market rates remained relatively small compared with previous years, a development attributed to improved foreign exchange liquidity and the continued implementation of monetary reforms.
The exchange rates are as follows:
- Official NFEM rate: approximately ₦1,384/$1
- Parallel market buying rate: approximately ₦1,408/$1
- Parallel market selling rate: approximately ₦1,420/$1
Exchange rates may differ slightly across banks, bureaux de change and different locations due to factors such as market demand, transaction volumes and dealer pricing.
While the CBN continues to recognise the NFEM as Nigeria’s official foreign exchange market, parallel market rates are largely influenced by supply and demand conditions among independent currency dealers.