By Ayodeji Babatunde
The Nigerian naira maintained relative stability against the United States dollar at the official Nigerian Foreign Exchange Market (NFEM), trading at approximately ₦1,382.33/$ on Monday, July 13, 2026, according to the latest market figures.
The official exchange rate serves as the benchmark for transactions within Nigeria’s regulated foreign exchange market.
Available data from the Central Bank of Nigeria’s NFEM platform showed that the last published official rate before Monday’s trading session stood at ₦1,379.62 per dollar on Friday, July 10, suggesting that the local currency has experienced only marginal fluctuations in recent trading sessions.
Meanwhile, activity in the parallel market painted a different picture, with the dollar selling for about ₦1,425 and buying at approximately ₦1,410. However, exchange rates in the informal market continue to vary across different locations and dealers, depending on prevailing demand and supply conditions.
The persistent gap between the official and parallel market rates underscores sustained demand for foreign exchange outside the formal banking system. Many businesses and individuals who are unable to secure foreign currency through official channels continue to rely on the black market to meet their forex needs.
Analysts say movements in the exchange rate will remain closely tied to factors such as foreign exchange liquidity, crude oil export earnings, the country’s external reserves, investor sentiment, and the Central Bank of Nigeria’s monetary and foreign exchange policies.
Market participants are expected to keep a close watch on the apex bank’s interventions and the overall supply of foreign currency as they assess the likely direction of the naira in the days ahead.
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