The Nigerian naira traded at ₦1,371.36 against the United States dollar at the official Nigerian Foreign Exchange Market (NFEM) on Thursday, July 23, 2026, while the dollar sold for as high as ₦1,410 in the parallel market.
Trading remained relatively stable across both the official and unofficial foreign exchange markets, with only a moderate gap separating the two rates.
The difference continues to reflect the varying levels of dollar liquidity available through regulated and informal channels.
Official market maintains stability
The latest NFEM data showed the naira exchanging at approximately ₦1,371.36 per dollar, making it the benchmark rate for authorised foreign exchange transactions in Nigeria.
The official exchange rate is determined by trades carried out within the Central Bank of Nigeria’s regulated foreign exchange market. It serves as the reference rate for banks, investors and other approved participants.
The relative stability recorded in recent trading sessions suggests that ongoing foreign exchange reforms have continued to support price moderation in the official market.
Parallel market records higher dollar price
In the parallel market, also known as the black market, traders quoted the US dollar at about ₦1,405 for buying and ₦1,410 for selling on Thursday.
The higher rate reflects continued demand for foreign currency outside the official market, where access to dollars can still be limited for some businesses, importers and individuals.
Although the gap between the official and parallel market rates has narrowed compared to previous periods, many Nigerians continue to patronise the unofficial market to meet urgent foreign exchange needs.
Analysts say the spread between both markets remains an important measure of foreign exchange liquidity and investor confidence. A narrower gap is generally viewed as a sign of improving market conditions.
Foreign exchange rates remain subject to fluctuations throughout the trading day, depending on demand, supply, transaction volumes and overall market sentiment.
Parallel market rates may also differ slightly across cities and individual currency dealers.
