The Nigerian naira traded within a relatively stable range against the United States dollar on Friday, July 17, 2026, as the official Nigerian Foreign Exchange Market (NFEM) continued to reflect modest day-to-day movements, while the parallel market maintained a premium over the official window.
According to the latest available data from the Central Bank of Nigeria (CBN), the official NFEM exchange rate was around ₦1,380 per US dollar, with the most recent published NFEM fixing at ₦1,382.18/$1 for July 15. The CBN derives the NFEM rate using the volume-weighted average of transactions in the official foreign exchange market.
In the parallel market, also known as the black market, currency traders quoted the dollar at about:
- Buying rate: ₦1,410–₦1,417 per dollar
- Selling rate: ₦1,417–₦1,425 per dollar
Rates may vary across locations and dealers depending on demand and supply conditions.
The spread between the official and parallel market rates remains driven by demand for foreign exchange outside the formal banking system, although the gap has narrowed significantly compared with previous years following recent reforms in Nigeria’s foreign exchange market.
Market analysts expect exchange rate movements to remain closely tied to dollar liquidity, crude oil receipts, foreign portfolio inflows and the Central Bank of Nigeria’s monetary policy decisions. The Monetary Policy Committee is scheduled to meet next week, with the apex bank indicating it will continue to adopt a data-driven approach amid easing inflation and global economic uncertainties.
