The Nigerian naira remained broadly stable against the United States dollar in both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market as trading commenced on Monday, July 27, 2026.
According to the latest data released by the Central Bank of Nigeria (CBN), the official NFEM exchange rate closed at ₦1,362.09/$1 on July 24, the latest available trading session. During the session, the naira traded within a range of ₦1,359.00/$1 to ₦1,365.00/$1 before settling at a closing rate of ₦1,361.00/$1.
In the parallel market, commonly known as the black market, the US dollar was purchased at approximately ₦1,350 and sold for about ₦1,375 as of Monday morning, based on quotes from currency dealers.
The gap between the official and parallel market exchange rates remained relatively narrow, underscoring the continued convergence of both markets compared with the significantly wider spreads recorded in previous years.
The CBN has sustained its foreign exchange reforms to improve market liquidity, strengthen investor confidence, and enhance stability in the naira. Last week, the Monetary Policy Committee left the Monetary Policy Rate unchanged at 26.5 percent, citing persistent global economic uncertainties and the need to preserve macroeconomic stability.
Exchange rates in the parallel market may vary by location and among Bureau De Change operators, depending on prevailing demand, supply, and transaction volumes.
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