Naira Trades Steady Against Dollar as Official Rate Stays Around ₦1,380

The Nigerian naira remained relatively stable against the US dollar on Friday, July 17, 2026, with the official foreign exchange market showing limited movement, while the parallel market maintained higher exchange rates.

According to the latest figures released by the Central Bank of Nigeria (CBN), the Nigerian Foreign Exchange Market (NFEM) recorded an official exchange rate of about ₦1,380/$1, while the latest published fixing for July 15 stood at ₦1,382.18 per dollar.

The CBN determines the official NFEM exchange rate using the volume-weighted average of transactions carried out in the official forex market.

Meanwhile, operators in the parallel market quoted the dollar at:

• Buying rate: ₦1,410–₦1,417 per dollar
• Selling rate: ₦1,417–₦1,425 per dollar

Actual rates may vary across different markets depending on local demand and supply dynamics.

Despite the premium in the parallel market, analysts note that the difference between the official and unofficial exchange rates has reduced significantly compared to previous years, following ongoing reforms in Nigeria’s foreign exchange market.

Market watchers say future movements of the naira will be influenced by factors including dollar liquidity, crude oil revenue, foreign portfolio inflows and the Central Bank’s monetary policy stance.

Attention is now focused on next week’s Monetary Policy Committee meeting, where the apex bank is expected to maintain its data-driven approach as inflation eases and global economic uncertainties persist.

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