The Nigerian naira remained relatively stable against the United States dollar on Monday, July 20, 2026, trading at ₦1,379.64/$1 in the Nigerian Foreign Exchange Market (NFEM), while the dollar exchanged at about ₦1,416 in the parallel market.
Data from the official foreign exchange market showed that the local currency continued its recent trend of stability despite sustained demand for foreign exchange across key sectors of the economy.
Monday, July 20 Exchange Rates
- Official NFEM rate: ₦1,379.64/$1
- Parallel market rate: Around ₦1,416/$1
In the parallel market, commonly referred to as the black market, the US dollar traded at an average of ₦1,416, although rates varied slightly depending on location, dealer pricing and transaction volume.
The gap between the official and parallel market rates reflects the continued demand for foreign currency outside the formal foreign exchange market.
Market analysts noted that importers, manufacturers and other businesses continue to seek dollars to meet international payment obligations, contributing to sustained pressure on the local currency.
They also pointed to increased demand for foreign exchange to settle petroleum-related transactions as one of the factors influencing recent market activity.
The Central Bank of Nigeria (CBN) continues to publish the volume-weighted average exchange rate of the Nigerian Foreign Exchange Market (NFEM) as the country’s official benchmark.
Meanwhile, exchange rates in the parallel market remain determined by market forces, with prices influenced by demand, supply, liquidity and prevailing trading conditions.
Foreign exchange rates may fluctuate throughout the day as trading continues across both the official and unofficial markets.
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