Naira Holds Steady Against Dollar as FX Market Watches Next CBN Move

Posted by Chinenye on Fri 17th Jul, 2026 - tori.ng

The naira has maintained a relatively calm position against the US dollar, but attention is shifting to factors that could determine its next direction.

(Dollar to Naira. Photo by Nairacompare)

The naira traded within a fairly stable range against the US dollar on Friday, July 17, 2026, as the official Nigerian Foreign Exchange Market continued to record modest daily fluctuations, while the parallel market retained its premium over the official window.

Data from the Central Bank of Nigeria showed the official NFEM rate hovering around ₦1,380 per dollar, with the most recent published fixing placed at ₦1,382.18/$1 for July 15.

The apex bank determines the NFEM rate based on the volume-weighted average of transactions carried out in the official foreign exchange market.

In the parallel market, commonly referred to as the black market, currency dealers quoted the dollar at a buying rate of between ₦1,410 and ₦1,417, with a selling rate ranging from ₦1,417 to ₦1,425, though rates may differ depending on location and dealer, based on prevailing demand and supply conditions.

The gap between the official and parallel market rates continues to be driven by demand for foreign exchange outside the formal banking system, although this gap has narrowed considerably compared to previous years following reforms introduced into Nigeria's foreign exchange market.

Analysts expect exchange rate movements to remain largely dependent on dollar liquidity, crude oil earnings, foreign portfolio inflows and decisions by the Central Bank's Monetary Policy Committee, which is scheduled to meet next week.

The apex bank has indicated it will maintain a data-driven approach amid easing inflation and continuing global economic uncertainties.