The Nigerian naira remained relatively stable against the United States dollar on Thursday, July 23, 2026, across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market.
At the official market, the naira exchanged at approximately ₦1,371.36 to the US dollar, based on the latest available NFEM rate. The rate reflects transactions conducted through the Central Bank of Nigeria’s official foreign exchange market.
Meanwhile, in the parallel market, popularly known as the black market, the dollar was quoted at around ₦1,405 for buying and ₦1,410 for selling.
The difference between the official and parallel market rates reflects the prevailing demand and supply conditions outside the regulated foreign exchange market.
Although recent foreign exchange reforms have helped narrow the gap between both markets, businesses and individuals continue to turn to the parallel market when access to dollars through official channels is limited.
Exchange rates may fluctuate during the day depending on market conditions, transaction volumes and the availability of foreign exchange. Parallel market rates may also differ slightly from one location or dealer to another.