By Kolawole Omotola Olaide
The Nigerian naira remained largely stable against the United States dollar in the official Nigerian Foreign Exchange Market (NFEM) on Thursday, July 16, 2026, even as the dollar continued to trade at a higher rate in the parallel market.
Market figures showed that the official NFEM exchange rate stood at about ₦1,384 to one US dollar, recording only slight changes from recent trading sessions. The Central Bank of Nigeria (CBN) maintains the NFEM rate as the country’s official volume-weighted average exchange rate.
Meanwhile, activity in the parallel market indicated that the US dollar was purchased for around ₦1,408 and sold for approximately ₦1,420, according to information obtained from currency traders.
The difference between the official and parallel market exchange rates remained relatively small compared with previous years, suggesting improved liquidity in the foreign exchange market and the continued impact of ongoing monetary policy reforms.
Current Exchange Rates (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
Foreign exchange rates may differ slightly across commercial banks, bureaux de change, and various locations depending on market demand, transaction volume, and dealer pricing. While the Central Bank of Nigeria recognises the NFEM as the country’s official foreign exchange market, rates in the parallel market continue to be determined by prevailing supply and demand.
