The Nigerian naira remained largely stable against the United States dollar on Thursday, July 16, 2026, trading at approximately ₦1,384/$1 at the Nigerian Foreign Exchange Market (NFEM), the country’s official foreign exchange window.
The latest market data showed only marginal movement compared with recent trading sessions, reflecting continued stability in the official foreign exchange market.
Parallel Market Rates
In the parallel market, commonly known as the black market, currency traders quoted the US dollar at approximately:
- Buying rate: ₦1,408/$1
- Selling rate: ₦1,420/$1
The gap between the official and parallel market exchange rates remained relatively narrow compared to previous years, a trend analysts attribute to improved foreign exchange liquidity and ongoing monetary policy reforms.
Thursday, July 16 Exchange Rates
- Official NFEM rate: Approximately ₦1,384/$1
- Parallel market buying rate: Approximately ₦1,408/$1
- Parallel market selling rate: Approximately ₦1,420/$1
Exchange rates may vary slightly across commercial banks, bureaux de change and different locations depending on transaction size, demand and dealer pricing.
The Central Bank of Nigeria (CBN) continues to recognise the Nigerian Foreign Exchange Market (NFEM) as the country’s official foreign exchange market, while exchange rates in the parallel market remain driven by demand and supply among independent traders.
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