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 quote the greenback at a premium over the official rate.
Available market data indicates 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 official volume-weighted average exchange rate for the market.
In the parallel market, also known as the black market, the dollar was bought at about ₦1,408 and sold for around ₦1,420 on Thursday, according to data compiled from currency traders.
The gap between the official and parallel market rates remained relatively narrow compared with previous years, reflecting continued liquidity in the foreign exchange market and the impact of ongoing monetary reforms.
The exchange rates are as follows:
Official NFEM rate: approximately ₦1,384/$1
Parallel market buying rate: approximately ₦1,408/$1
Parallel market selling rate: approximately ₦1,420/$1
Foreign exchange rates may vary slightly across banks, bureaux de change and locations due to market demand, transaction size and dealer pricing. The CBN continues to recognise the NFEM as Nigeria’s official foreign exchange market, while parallel market rates are determined by supply and demand among independent traders.
