Naira Holds Steady as Dollar Trades Above Official Rate

(Naira to Dollar. Photo by Nairametrics)

The naira remained largely stable against the US dollar on the official Nigerian Foreign Exchange Market, NFEM, on Thursday, July 16, 2026, even as the parallel market continued trading the greenback at a premium above the official rate.

Market data shows the official NFEM rate hovered around ₦1,384 to the dollar, showing only minor movement from previous sessions.

The Central Bank of Nigeria, CBN, publishes this figure as the official volume-weighted average rate for the market.

On the parallel market, commonly referred to as the black market, currency traders quoted the dollar at roughly ₦1,408 for buying and about ₦1,420 for selling on Thursday.

The spread between the official and parallel market rates stayed relatively tight compared to previous years, a sign of sustained liquidity in the foreign exchange market and the effect of ongoing monetary reforms.

In summary, the official NFEM rate stood at approximately ₦1,384 to the dollar, while the parallel market’s buying and selling rates were around ₦1,408 and ₦1,420 respectively.

Rates may differ slightly across banks, bureaux de change and locations depending on demand, transaction size and individual dealer pricing.

The CBN continues to recognise the NFEM as Nigeria’s official forex market, while parallel market rates remain shaped by supply and demand among independent traders.