Nigerian Naira Holds Steady Against Dollar in Official Market; Parallel Market Shows Higher Demand

The Nigerian naira held steady against the US dollar on the official foreign exchange market, trading around 1,382.33 on July 13, 2026. This rate shows relative stability compared to the previous official rate of 1,379.62 on July 10.

However, the parallel market, often called the black market, presented a different picture. Here, the dollar sold for approximately 1,425 naira, with buying rates around 1,410 naira. These rates can fluctuate based on local demand and supply.

The persistent gap between the official and parallel market rates highlights a stronger demand for foreign currency outside the formal banking system. Businesses and individuals who cannot access official foreign exchange allocations often turn to this informal market.

Factors influencing the naira's future movements include the availability of foreign exchange, revenue from crude oil exports, the nation's external reserves, investor sentiment, and the monetary and foreign exchange policies implemented by the Central Bank of Nigeria. Market participants will closely watch the central bank's interventions and the overall dollar supply for clues on the naira's trajectory in upcoming trading sessions.