The Nigerian naira remained relatively stable against the United States dollar on Tuesday, July 21, 2026, in both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market.
Market participants continued to monitor foreign exchange liquidity and the outcome of the Central Bank of Nigeria’s Monetary Policy Committee meeting.
Data from the Central Bank of Nigeria (CBN) showed that the official NFEM exchange rate was around ₦1,380 to the dollar in recent trading, with the latest available volume-weighted average rate standing at ₦1,380.18/$.
In the parallel market, commonly known as the black market, the dollar traded at approximately:
- Buying rate: ₦1,410 per US dollar
- Selling rate: ₦1,425 per US dollar
However, exchange rates may vary slightly depending on the location, dealer and volume of the transaction.
The difference between the official and parallel market rates has remained relatively narrow compared with previous years. This reflects improved liquidity in the formal foreign exchange market amid ongoing reforms by the CBN.
Despite the relative stability, analysts say continued demand for dollars from importers and businesses remains a key factor influencing movements in the parallel market.
Market watchers are also closely following developments in Nigeria’s monetary policy as the CBN maintains a cautious approach aimed at preserving exchange rate stability and managing inflationary pressures.