The Nigerian naira remained relatively stable against the United States dollar on Friday, July 17, 2026, as the official Nigerian Foreign Exchange Market (NFEM) recorded only slight daily fluctuations, while the parallel market continued to trade at a higher rate than the official window.
Data from the Central Bank of Nigeria (CBN) showed that the official NFEM exchange rate stood at approximately ₦1,380 per US dollar, with the latest published NFEM rate recorded at ₦1,382.18/$1 for July 15. The CBN calculates the NFEM rate using the volume-weighted average of transactions carried out in the official foreign exchange market.
In the parallel market, also referred to as the black market, currency dealers quoted the dollar at the following rates:
- Buying rate: ₦1,410–₦1,417 per dollar
- Selling rate: ₦1,417–₦1,425 per dollar
Exchange rates may differ slightly depending on location, dealer pricing, market demand and supply conditions.
The difference between the official and parallel market rates has continued to be influenced by demand for foreign currency outside the formal banking system. However, the gap has reduced significantly compared with previous years following reforms introduced in Nigeria’s foreign exchange market.
Analysts say future movements in the exchange rate will largely depend on factors such as dollar liquidity, crude oil earnings, foreign portfolio investments and the monetary policy decisions of the Central Bank of Nigeria.
The Monetary Policy Committee is expected to hold its meeting next week, with the apex bank maintaining that it will continue to rely on economic data while addressing inflation trends and global financial uncertainties.