The naira traded relatively stable against the United States dollar in the official Nigerian Foreign Exchange Market (NFEM) on Thursday, July 16, 2026, while the parallel market continued to price the greenback at a premium over the official rate.
Available market data showed that the official NFEM exchange rate hovered around ₦1,384 per US dollar, reflecting only marginal movement from recent trading sessions. The Central Bank of Nigeria (CBN) publishes the NFEM rate as the country’s official volume-weighted average exchange rate.
In the parallel market, commonly referred to as the black market, the US dollar was bought at approximately ₦1,408 and sold at around ₦1,420 on Thursday, according to data compiled from currency traders.
This places the spread between the official and parallel market rates at roughly ₦24 on the buying side and ₦36 on the selling side, a relatively narrow gap compared with previous years. Analysts attribute the tighter spread to improved foreign exchange liquidity and the continued impact of ongoing monetary and foreign exchange reforms.
As of Thursday, the official NFEM exchange rate stood at about ₦1,384 per dollar, while the parallel market buying and selling rates were approximately ₦1,408 and ₦1,420 per dollar, respectively.
Foreign exchange rates may vary slightly across banks, bureaux de change and locations depending on market demand, transaction size and dealer pricing. While the CBN recognises the NFEM as Nigeria’s official foreign exchange market, parallel market rates are determined by supply and demand among independent currency traders.
