The naira remained relatively stable against the United States dollar on Thursday, July 23, 2026, trading within a narrow range across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market.
At the official market, the naira exchanged at approximately ₦1,371.36/$1, according to the latest available NFEM rate, which reflects transactions carried out through the Central Bank of Nigeria’s regulated foreign exchange window.
In the parallel market, popularly known as the black market, the dollar traded at about ₦1,405 for buying and ₦1,410 for selling on Thursday.
The parallel market rate remained higher than the official rate, reflecting continued demand pressures and differences in foreign exchange availability between the regulated and informal markets.
The gap between the two exchange rates remains a key measure of liquidity conditions and demand trends in Nigeria’s foreign exchange market. Although recent reforms by the Central Bank of Nigeria have helped narrow the disparity, some individuals and businesses continue to rely on the parallel market when access to official foreign exchange is limited.
Analysts note that exchange rates may fluctuate during the trading day depending on market conditions, transaction volumes, foreign currency inflows and overall liquidity levels.
Parallel market rates may also vary slightly across locations and among currency dealers based on prevailing demand and supply conditions.
