The Nigerian naira traded at around ₦1,380 per US dollar in the official Nigerian Foreign Exchange Market (NFEM) on Friday, July 17, 2026, while the parallel market continued to price the dollar above the official rate.
Data released by the Central Bank of Nigeria (CBN) showed that the latest official NFEM closing rate stood at ₦1,382.18/$1 as of July 15.
The exchange rate has remained largely stable in recent trading sessions, reflecting only slight daily fluctuations.
Official market remains stable
The CBN calculates the official NFEM exchange rate using the volume-weighted average of completed foreign exchange transactions in the official market.
The modest movement recorded in recent days suggests that the official market continues to experience relative stability despite ongoing pressure in the broader foreign exchange environment.
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.