The Nigerian naira maintained relative stability against the United States dollar on Thursday, July 23, 2026, trading within a narrow range across the official Nigerian Foreign Exchange Market (NFEM) and the parallel market.
At the official foreign exchange window, the latest available data showed the naira exchanging at approximately ₦1,371.36 to one US dollar, reflecting the prevailing rate in the Nigerian Foreign Exchange Market. The official exchange rate is determined by transactions conducted through the Central Bank of Nigeria’s regulated FX market.
Meanwhile, activity in the parallel market, popularly referred to as the black market, indicated that the US dollar traded at around ₦1,405 for buying and ₦1,410 for selling on Thursday.
The higher exchange rate in the parallel market continues to reflect stronger demand for foreign currency outside the official market, where access to dollars remains relatively limited for some businesses and individuals.
Based on the prevailing official exchange rate, $100 would exchange for approximately ₦137,136, while the same amount could sell for about ₦141,000 in the parallel market.
The difference between the two exchange windows remains an important indicator of foreign exchange liquidity, market confidence and the balance between supply and demand in Nigeria’s currency market.
Although recent reforms introduced by the Central Bank of Nigeria have contributed to narrowing the gap between the official and parallel market rates over the past year, the informal market continues to attract significant patronage whenever official dollar allocations fall short of market demand.
Currency dealers also noted that exchange rates in the parallel market remain largely market-driven and may fluctuate several times during the day depending on demand, available supply, transaction volume and prevailing economic conditions.
Likewise, the official NFEM exchange rate may experience slight movements during the trading session as market participants continue to buy and sell foreign exchange.
