On Friday, July 17, 2026, the Nigerian naira was valued at approximately ₦1,380 per US dollar in Nigeria’s official Foreign Exchange Market (NFEM). Meanwhile, the parallel market persisted in trading the dollar at rates above the official benchmark.
Recently disclosed data from the Central Bank of Nigeria (CBN) indicated that the latest official NFEM closing rate was ₦1,382.18 to $1 as of July 15.
In recent trading sessions, the exchange rate has been noticeably steady, with only minor daily variations noted.
Official market remains stable
The CBN determines the official exchange rate in the NFEM by utilizing the volume-weighted average of all foreign exchange transactions completed within the official market.
The slight changes observed over the past few days imply that the official market remains mostly stable, despite the persistent challenges in the wider foreign exchange sector.
Black market rates remain higher
In the parallel market, commonly referred to as the black market, the US dollar traded within the following range:
Buying rate: ₦1,410 to ₦1,417 per dollar
Selling rate: ₦1,417 to ₦1,425 per dollar
Exchange rates in the informal market may differ across cities and dealers due to variations in demand, supply and transaction volumes.
Outlook for the naira
Although the gap between the official and parallel market rates remains, it has narrowed considerably compared with previous years following the Federal Government’s foreign exchange reforms.
Analysts believe the naira’s short-term performance will depend on foreign exchange liquidity, crude oil earnings, foreign investment inflows and the Central Bank’s monetary policy direction.
Attention is now focused on the upcoming Monetary Policy Committee meeting scheduled for next week.
The apex bank has maintained that its policy decisions will continue to be guided by economic data as inflation eases and global economic uncertainties persist.