Nigerian Naira Gains in Official Market but Slips in Parallel Market

The Central Bank of Nigeria reported a divergence in currency performance on July 22, 2026, as the naira strengthened in the official foreign exchange market while depreciating in the parallel market.

In the Nigerian Foreign Exchange Market, the naira traded at approximately N1,369 per dollar. This represented an appreciation of roughly N5.5 to N5.67 compared to the previous Tuesday. Interbank turnover at the official market rose 29 percent to N416.4 million.

Conversely, the currency weakened in parallel trading. Market sources reported rates fluctuating between a buying price of N1,405 and a selling price of N1,413 per dollar. This split in performance widened the gap between the official and parallel exchange rates to approximately N44 per dollar.