The naira held steady against the dollar on Tuesday, July 21, 2026, as traders watched foreign exchange flows and awaited the Central Bank of Nigeria's monetary policy decision. The official Nigerian Foreign Exchange Market recorded the naira at roughly ₦1,380 per dollar, with the volume-weighted average rate at ₦1,380.18/$, according to CBN data.
On the parallel market, dealers quoted the dollar at ₦1,410 on the buy side and ₦1,425 on the sell side. These rates vary based on location, dealer activity and transaction size, sources said.
The spread between official and black market rates has tightened markedly compared with previous years. This narrowing reflects stronger liquidity in the formal forex market following CBN reforms, analysts noted.
Demand from importers and businesses continues to drive parallel market swings, market observers said. The central bank maintains a cautious approach as it balances exchange rate stability with efforts to rein in inflation, they added.
