The Nigerian naira traded at ₦1,381.68 against the United States dollar at the Nigerian Foreign Exchange Market (NFEM) on Wednesday, July 22, 2026, as the official foreign exchange market continued to show signs of stability.
According to the latest market data, the local currency maintained a relatively narrow trading range despite persistent demand for foreign exchange from businesses, manufacturers, importers and investors.
The official exchange rate of ₦1,381.68 per dollar reflects Nigeria’s market-driven foreign exchange system under the current framework introduced by the Central Bank of Nigeria (CBN).
In contrast, the parallel market continued to trade at higher rates. Bureau de change operators quoted the US dollar at an average buying rate of ₦1,408 and a selling rate of ₦1,413, although prices varied depending on location, transaction size and negotiations.
At the official market rate, $100 would exchange for approximately ₦138,168, while the same amount would fetch about ₦141,300 at the prevailing parallel market selling rate.
The continued gap between the official and parallel market rates highlights the sustained pressure on foreign exchange demand outside the formal banking system, with many individuals and businesses still turning to the informal market when they are unable to access sufficient dollars through official channels.
Market analysts say exchange rate movements continue to be influenced by several factors, including foreign exchange inflows, crude oil earnings, import demand, diaspora remittances and investor confidence.
The Central Bank of Nigeria has maintained its foreign exchange reform agenda aimed at improving market transparency, increasing liquidity and strengthening price discovery within the official market.
While the reforms have helped improve stability in recent months, the parallel market continues to trade at a premium as demand for foreign currency remains above available supply.
Foreign exchange rates remain subject to change throughout the trading day, with official NFEM prices determined by completed market transactions, while parallel market rates are driven by prevailing market conditions and dealer negotiations. Businesses and individuals planning foreign exchange transactions are advised to verify current rates before completing any exchange.
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