The Nigerian naira maintained a relatively stable performance against the United States dollar on Tuesday, July 21, 2026, across both the official Nigerian Foreign Exchange Market and the parallel market, as investors and businesses closely monitored foreign exchange liquidity alongside the outcome of the Central Bank of Nigeria’s Monetary Policy Committee meeting.
Latest figures released by the Central Bank of Nigeria showed the official exchange rate at about ₦1,380 to one US dollar. The volume weighted average exchange rate on the most recent trading day stood at ₦1,380.18 per dollar, reflecting continued stability in the official market.
In the parallel market, commonly referred to as the black market, the dollar exchanged at an average buying rate of ₦1,410 and a selling rate of ₦1,425. Exchange rates may differ slightly depending on the location, the dealer involved and the size of the transaction.
The difference between the official and parallel market rates has remained much narrower than in previous years, a trend many analysts attribute to improved liquidity in the formal foreign exchange market following the Central Bank’s ongoing policy reforms.
Despite the relative stability, demand for foreign currency from importers and businesses continues to influence activity in the parallel market. Market participants are also paying close attention to the Central Bank’s monetary policy direction as it balances efforts to preserve exchange rate stability while addressing inflationary pressures across the economy.
