The Nigerian naira continued to trade within a relatively stable range against the United States dollar on Tuesday, July 21, 2026, across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market, as market participants monitored foreign exchange liquidity and the outcome of the Central Bank of Nigeria’s Monetary Policy Committee meeting.
According to data published by the Central Bank of Nigeria (CBN), the official NFEM exchange rate was around ₦1,380 to the US dollar in recent trading, with the volume-weighted average rate standing at ₦1,380.18/$ on the latest available trading day.
In the parallel market, also known as the black market, the dollar traded at about:
Buying rate: ₦1,410 per US dollar
Selling rate: ₦1,425 per US dollar
Rates may vary slightly depending on location, dealer and transaction volume.
The gap between the official and parallel market exchange rates has remained relatively narrow compared with previous years, reflecting improved liquidity in the formal foreign exchange market following ongoing reforms by the CBN. However, analysts say demand for dollars from importers and businesses continues to influence movements in the parallel market.
Market watchers are also keeping an eye on developments in Nigeria’s monetary policy, with the CBN maintaining a cautious stance as it seeks to sustain exchange rate stability and contain inflationary pressures.
