Naira Holds Steady Against Dollar at Official and Parallel Markets

The naira maintained relative stability against the US dollar on Thursday, July 23, 2026, with modest differences recorded between the official foreign exchange market and the parallel market.

According to the latest figures from the Nigerian Foreign Exchange Market (NFEM), the official exchange rate stood at approximately ₦1,371.36 to the dollar, reflecting transactions processed through the Central Bank of Nigeria’s regulated foreign exchange window.

Meanwhile, traders in the parallel market quoted the dollar at around ₦1,405 for purchase and ₦1,410 for sale, maintaining a premium over the official rate due to demand and supply conditions in the informal market.

The spread between the official and black market exchange rates remains an important measure of foreign exchange availability and liquidity in Nigeria.

While foreign exchange reforms have reduced the gap between both markets over the past year, many importers, businesses and individuals continue to source dollars from the parallel market when official supplies are insufficient.

Foreign exchange rates may change during the day in response to market activity, trading volumes and dollar availability, while black market prices can vary slightly across different cities and dealers.

Africans Angle News