The Nigerian naira remained largely stable against the United States dollar on Friday, July 10, 2026, across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market, as market participants continued to monitor foreign exchange liquidity and demand.
Latest figures from the Nigerian Foreign Exchange Market showed that the official exchange rate closed at ₦1,375.94 per US dollar on Friday.
The stability recorded in the official market comes amid sustained efforts by monetary authorities to improve liquidity and maintain confidence in the foreign exchange market.
Meanwhile, trading in the parallel market, popularly referred to as the black market, showed the dollar exchanging at about ₦1,410 for buying and approximately ₦1,425 for selling.
The rates recorded in the informal market varied slightly depending on location, dealer and transaction volume.
Despite the gap between both markets, the naira has maintained a relatively steady performance in recent trading sessions.
Analysts say the disparity between the official NFEM rate and the parallel market reflects persistent pressure from unmet foreign exchange demand within the informal segment of the market.
However, they note that exchange rate volatility has eased compared to previous periods.
Foreign exchange dealers believe future movements of the naira will largely depend on the volume of foreign currency inflows into the economy, liquidity available in the official market and the level of demand from importers, manufacturers and businesses requiring dollars for international transactions.
They also expect investor confidence and monetary policy decisions by the Central Bank of Nigeria (CBN) to remain key factors influencing exchange rate stability.
The Central Bank of Nigeria continues to recognise the Nigerian Foreign Exchange Market (NFEM) as the country’s official benchmark for foreign exchange transactions.
The apex bank has consistently maintained that exchange rates quoted in the parallel market are not official and are determined solely by market forces of demand and supply among informal currency traders.
Market observers say efforts to improve transparency in the official market and attract more foreign exchange inflows will be critical to narrowing the gap between the official and parallel market exchange rates.
