The Nigerian Naira opened trading on Wednesday, July 29, 2026, relatively stable against the United States dollar in both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market.
According to data from the official foreign exchange market, the Naira is trading at an average rate of ₦1,364.54 per US dollar. In the official trading window, the currency opened the day at approximately ₦1,367.00/$ before easing to around ₦1,364.50/$ during early morning transactions.
In the parallel market, commonly known as the black market, Bureau De Change (BDC) operators are quoting the dollar at around ₦1,410 for buying and ₦1,425 for selling. Rates continue to vary across locations and are influenced by transaction volumes and prevailing market liquidity.
Market participants say the relatively narrow gap between the official and parallel market exchange rates reflects improved foreign exchange liquidity, supported by ongoing interventions from the Central Bank of Nigeria (CBN) and the bank’s consistent monetary policy stance following recent Monetary Policy Committee (MPC) meetings.
As trading continues, importers, exporters, investors, and other foreign exchange users are closely monitoring global market developments, domestic liquidity conditions, and Nigeria’s foreign reserve position for further direction in the currency market.
