The Nigerian naira posted a mixed performance against the United States dollar on Wednesday, July 15, 2026, as movements at the official and parallel foreign exchange markets reflected varying demand and liquidity conditions.
Data released by the Central Bank of Nigeria (CBN) showed that the naira closed at an indicative exchange rate of about ₦1,382 to the US dollar at the Nigerian Foreign Exchange Market (NFEM). The figure represents a slight depreciation from the previous day’s closing rate of approximately ₦1,380.50/$, indicating a modest loss in value at the official market.
However, trading at the parallel market painted a different picture, with the local currency gaining ground against the dollar. Bureau de change operators quoted the naira at around ₦1,412/$, an improvement from roughly ₦1,420/$ recorded a day earlier.
The appreciation in the unofficial market reduced the exchange rate gap between the official and parallel markets to about ₦30 per dollar.
Meanwhile, activity at the official foreign exchange window increased during the trading session, with interbank transaction volumes rising noticeably compared to the previous day, suggesting stronger market participation.
The CBN has consistently maintained that the NFEM rate remains Nigeria’s official exchange rate, noting that it is calculated using the volume-weighted average of completed foreign exchange transactions.
Market analysts say the outlook for the naira will continue to depend on the level of foreign exchange inflows, liquidity in the market, importer demand, and the effectiveness of ongoing monetary and fiscal measures designed to enhance exchange rate stability.
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