The naira traded within a relatively stable range against the United States dollar on Friday, July 17, 2026, with only slight movements recorded in both the official and parallel foreign exchange markets.
Data from the Central Bank of Nigeria (CBN) showed the official Nigerian Foreign Exchange Market (NFEM) rate remained around ₦1,380 per dollar, with the latest published official rate standing at ₦1,382.18/$1. The apex bank calculates the NFEM rate using the volume-weighted average of completed transactions in the official market.
In the parallel market, also known as the black market, the dollar was quoted at:
Buying rate: ₦1,410 to ₦1,417 per dollar
Selling rate: ₦1,417 to ₦1,425 per dollar
Exchange rates may vary slightly across locations and dealers depending on market demand and supply.
The difference between the official and parallel market rates has remained relatively narrow compared with previous years, reflecting improved liquidity in the foreign exchange market following recent reforms.
Analysts say the direction of the naira in the coming weeks will depend on factors such as foreign exchange inflows, crude oil earnings, foreign investment and the Central Bank's monetary policy decisions.
The CBN's Monetary Policy Committee is expected to meet next week, with expectations that the bank will continue to adopt a data-driven approach as inflation eases and global economic uncertainties persist.
