Naira to Dollar exchange rate today, Thursday, July 16, 2026

The naira traded at approximately ₦1,384 per US dollar in the official Nigerian Foreign Exchange Market (NFEM) on Thursday, July 16, 2026, while the parallel market continued to price the dollar above the official exchange rate.

Market data showed that the official NFEM rate remained largely stable at around ₦1,384/$1, with only slight changes compared to recent trading sessions.

Black market dollar remains higher

In the parallel market, commonly referred to as the black market, the US dollar was bought at about ₦1,408 and sold at approximately ₦1,420 on Thursday, based on information gathered from currency traders.

The difference between the official and parallel market exchange rates remained relatively narrow compared with previous years.

This reflects improved liquidity in the foreign exchange market and the impact of ongoing monetary policy reforms.

The exchange rates for Thursday are:

Official NFEM rate: Approximately ₦1,384/$1

Parallel market buying rate: Approximately ₦1,408/$1

Parallel market selling rate: Approximately ₦1,420/$1

Foreign exchange rates may differ slightly across banks, bureaux de change and locations due to market demand, transaction size and dealer pricing.

The Central Bank of Nigeria (CBN) continues to recognise the Nigerian Foreign Exchange Market (NFEM) as the country’s official foreign exchange market, while rates in the parallel market are determined by supply and demand among independent traders.