The Nigerian naira depreciated against the United States dollar in both the official and parallel foreign exchange markets, according to the latest daily exchange rate data released on 16 July 2026.
At the Nigerian Foreign Exchange Market (NAFEM), the naira closed at ₦1,383.50/$1 on 15 July, compared with ₦1,382.00/$1 on 14 July, representing a ₦1.50 decline or 0.11%.
In the parallel market, the currency weakened more sharply, with the dollar trading at ₦1,413.00/$1 on 16 July, up from ₦1,405.00/$1 a day earlier. The ₦8.00 increase reflects a 0.57% depreciation of the naira in the unofficial market.
The naira also lost ground against other major currencies traded by Bureau de Change (BDC) operators. The British pound rose to ₦1,871.00/£1 from ₦1,860.00/£1, while the euro appreciated slightly to ₦1,602.00/€1 from ₦1,600.00/€1. The Canadian dollar remained unchanged at ₦1,055.00/C$1.
The widening gap between the official and parallel market exchange rates underscores continued demand pressures in the foreign exchange market, even as the country’s reserve position remains relatively stable.
