The naira traded relatively stable against the United States dollar at the official Nigerian Foreign Exchange Market (NFEM) on Monday, July 20, 2026, while the parallel market continued to quote the greenback at a premium.
Data from the official foreign exchange market showed the naira exchanging at about ₦1,379.64 per US dollar at the NFEM as of Monday morning. The official rate remains broadly in line with recent trading sessions, reflecting a relatively stable market despite sustained demand for foreign exchange.
In the parallel market, commonly referred to as the black market, the dollar was traded at around ₦1,416 per dollar, although rates may differ slightly depending on location, transaction size and dealer.
The gap between the official and parallel market rates underscores the continued demand for dollars outside the formal foreign exchange market.
Market analysts have noted that foreign exchange demand has remained elevated following increased hard currency requirements by importers and other corporate users. Recent market commentary also indicated that additional dollar demand linked to petroleum transactions has contributed to pressure on the naira in recent days.
The Central Bank of Nigeria continues to publish the NFEM’s volume-weighted average exchange rate as the country’s official benchmark, while rates in the parallel market are determined by supply and demand among currency dealers.
As always, exchange rates may fluctuate during the day depending on market conditions, liquidity and the location of the transaction.
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