The naira began trading on Tuesday, July 28, 2026, with the gap between the official Nigerian Foreign Exchange Market (NFEM) and the parallel market remaining relatively narrow, as market participants continued to monitor dollar liquidity and demand across the banking sector and Bureau de Change (BDC) operators.
At the official market, data from the Central Bank of Nigeria (CBN) showed the naira trading at around ₦1,362.09 per US dollar. Transactions during the session ranged between ₦1,359 and ₦1,365, while the most recent NFEM closing rate stood at approximately ₦1,361/$.
Early interbank market quotes also placed the dollar at about ₦1,366.84, reflecting continued activity and liquidity within the official foreign exchange window.
In the parallel market, popularly known as the black market, the US dollar was bought for between ₦1,402 and ₦1,405 and sold at ₦1,410–₦1,412 in Lagos, with rates varying slightly depending on location and transaction volume.
The premium between the official NFEM rate and the parallel market selling rate remained at roughly ₦48–₦50 per dollar, significantly lower than the wide spreads recorded during periods of heightened foreign exchange volatility.
Foreign exchange dealers said demand from importers, manufacturers, and individuals seeking foreign currency for invisible transactions continued to support parallel market rates. However, improved dollar liquidity in the official market has helped keep the naira relatively stable in recent sessions.
The Central Bank of Nigeria does not recognise the parallel market as an official source of foreign exchange and continues to encourage individuals and businesses to access FX through authorised banks and licensed financial institutions.
