Nigeria’s official foreign exchange market recorded another stable trading session on Thursday, July 16, 2026, with the naira posting only marginal movement against the US dollar.
Data from the Nigerian Foreign Exchange Market (NFEM) showed the official naira dollar exchange rate at approximately ₦1,384 per dollar. The Central Bank of Nigeria (CBN) continues to publish the NFEM’s volume-weighted average as the country’s official exchange rate.
Currency traders in the parallel market, however, quoted the US dollar at higher rates than the official market, highlighting the continued difference between both trading windows.
Naira-Dollar Exchange Rates (July 16, 2026)
| Market | Exchange Rate |
|---|---|
| Official Nigerian Foreign Exchange Market (NFEM) | Approximately ₦1,384/$1 |
| Parallel Market (Buying) | Approximately ₦1,408/$1 |
| Parallel Market (Selling) | Approximately ₦1,420/$1 |
Although the official and parallel markets continue to record different exchange rates, the spread has remained significantly narrower than in previous years. Market watchers attribute the trend to improved foreign exchange liquidity and the continued impact of monetary policy reforms.
Exchange rates may vary slightly across banks, bureaux de change and individual currency dealers depending on transaction size, location and prevailing market conditions.
The CBN recognises the NFEM as Nigeria’s official foreign exchange market, while rates in the parallel market are determined by independent demand and supply.
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