The naira held steady against the dollar on Thursday, July 16, 2026, in the official Nigerian Foreign Exchange Market. The Central Bank of Nigeria's volume-weighted average rate remained around ₦1,384 per US dollar, showing little movement from previous sessions.
Traders in the parallel market, however, quoted stronger dollar premiums. The greenback traded at about ₦1,408 on the buy side and ₦1,420 on the sell side, according to currency dealers.
The spread between official and unofficial rates has narrowed considerably compared with previous years. This tightening reflects improved liquidity in the foreign exchange market and effects from the central bank's ongoing monetary reforms.
Here's the breakdown for Thursday: the official NFEM rate stood at roughly ₦1,384 per dollar, while parallel market buyers quoted ₦1,408 and sellers asked for ₦1,420.
Exchange rates can shift slightly across different banks, bureaux de change and locations depending on local demand, transaction sizes and dealer margins. The CBN maintains NFEM as Nigeria's recognised official foreign exchange market, while parallel rates respond directly to supply and demand among independent traders in that segment.
