The naira traded largely unchanged against the United States dollar at the official Nigerian Foreign Exchange Market (NFEM) on Monday, July 20, 2026, while the parallel market continued to price the greenback at a premium.
Data from the official market showed the naira trading at approximately ₦1,379.64 per US dollar as of Monday morning, broadly in line with recent sessions and suggesting relative stability despite persistent demand for foreign exchange.
In the parallel market, commonly known as the black market, the dollar exchanged for about ₦1,416, although rates varied slightly depending on location, transaction size and individual dealers.
The spread between the official and parallel market rates highlights continued demand for dollars outside the formal foreign exchange market.
Analysts say demand for foreign currency has remained strong, driven by importers, manufacturers and other businesses seeking hard currency to meet international payment obligations. Recent market commentary has also pointed to increased dollar demand linked to petroleum-related transactions, adding further pressure on the naira.
The Central Bank of Nigeria continues to publish the NFEM’s volume-weighted average exchange rate as the country’s official benchmark, while exchange rates in the parallel market are determined by prevailing supply and demand among currency traders.
Exchange rates remain subject to intraday fluctuations, with prices varying based on market conditions, liquidity and the location of each transaction.
