The Nigerian naira traded with relative stability against the United States dollar on Thursday, July 16, 2026, at the Nigerian Foreign Exchange Market (NFEM), while the parallel market continued to sell the dollar at a higher rate.
At the official market, the naira exchanged at about ₦1,384 per US dollar, showing only slight movement compared to recent trading sessions. The rate remains the official benchmark published by the Central Bank of Nigeria (CBN) using the volume-weighted average of transactions carried out at the NFEM.
In the parallel market, commonly referred to as the black market, currency traders bought the dollar at approximately ₦1,408 and sold it for about ₦1,420.
Although the dollar continues to command a premium in the parallel market, the difference between the official and unofficial rates has remained relatively narrow in recent weeks, reflecting improved foreign exchange liquidity and the impact of ongoing reforms in the country's forex market.
Exchange rates on Thursday, July 16, 2026:
Official NFEM rate: Approximately ₦1,384/$1
Parallel market buying rate: Approximately ₦1,408/$1
Parallel market selling rate: Approximately ₦1,420/$1
Exchange rates may vary slightly depending on location, transaction size and individual dealers, while the CBN continues to recognise the NFEM as Nigeria's official foreign exchange market.
