On Thursday, July 16, 2026, the Nigerian naira maintained steady performance against the US dollar within the official Nigerian Foreign Exchange Market (NFEM). Meanwhile, the parallel market continued to trade the dollar at a higher price compared to the official valuation.
Market statistics reveal that the official NFEM rate remained near ₦1,384 per dollar, showing little change from previous sessions. This rate is established by the Central Bank of Nigeria (CBN) as the primary volume-weighted average.
In contrast, independent currency traders in the parallel market reported buying the dollar for ₦1,408 and selling it at roughly ₦1,420. The current spread between these two markets remains tighter than historical levels, a trend attributed to sustained liquidity and the influence of recent monetary adjustments.
Specific rates currently stand at ₦1,384/$1 for the official NFEM, with parallel market figures at ₦1,408/$1 for purchase and ₦1,420/$1 for sale. Consumers should note that rates might fluctuate at various financial institutions and exchange bureaus based on local demand and individual transaction conditions.
