Naira to Dollar exchange rate today, Monday, July 20, 2026

The Nigerian naira traded at ₦1,379.64 per US dollar at the official Nigerian Foreign Exchange Market (NFEM) on Monday, July 20, 2026, while the dollar exchanged at about ₦1,416 in the parallel market.

Figures from the official market showed the local currency maintaining relative stability against the US dollar, continuing the trend recorded in recent trading sessions despite persistent demand for foreign exchange.

Black market dollar remains higher

In the parallel market, also known as the black market, the US dollar was bought and sold at an average of ₦1,416, although rates varied across different locations, dealers and transaction volumes.

The difference between the official and parallel market rates reflects the continued preference for foreign currency outside the formal exchange market, where demand remains strong.

Market observers said demand for the US dollar has continued to rise as importers, manufacturers and other businesses seek foreign exchange to meet international payment obligations.

Analysts also noted that increased demand for dollars to settle petroleum-related transactions has added pressure to the naira in recent weeks.

CBN maintains official benchmark

The Central Bank of Nigeria (CBN) continues to publish the Nigerian Foreign Exchange Market’s volume-weighted average exchange rate as the country’s official benchmark.

Meanwhile, exchange rates in the parallel market are determined by market forces, with prices influenced by supply, demand, liquidity and the location of each transaction.

Foreign exchange rates may also change during the day as trading activities continue across both official and unofficial markets.