The Nigerian naira traded at ₦1,381.68 against the United States dollar at the Nigerian Foreign Exchange Market (NFEM) on Wednesday, July 22, 2026, according to official foreign exchange data.
Figures released from the official market showed the local currency exchanging at ₦1,381.68 to one US dollar, representing the prevailing NFEM rate at the opening of trading on Wednesday.
Meanwhile, activity in the parallel market, popularly referred to as the black market, indicated that the US dollar exchanged at approximately ₦1,408 for buying and ₦1,413 for selling, although rates differed slightly across locations, dealers and transaction volumes.
At the official exchange rate, $100 was valued at about ₦138,168, while the same amount attracted approximately ₦141,300 at the prevailing parallel market selling rate.
The continued disparity between the official and parallel market rates highlights the ongoing influence of demand and supply pressures within Nigeria’s foreign exchange market.
The Central Bank of Nigeria has sustained a series of foreign exchange reforms aimed at boosting market liquidity, improving price discovery and reducing the gap between the official and unofficial exchange windows. Despite these efforts, the parallel market continues to trade at a premium over the official market.
Market analysts have consistently attributed movements in the exchange rate to factors such as foreign exchange liquidity, import demand, investor confidence and overall market sentiment.
The parallel market remains largely driven by market forces, with exchange rates fluctuating throughout the day depending on the availability of foreign currency, dealer quotations and transaction volumes.
Similarly, the official NFEM exchange rate is subject to change during trading sessions as market participants execute transactions and fresh price discoveries emerge.
Individuals and businesses requiring foreign exchange are therefore advised to monitor market developments, as both official and parallel market rates may vary before the close of trading.
