The naira remained largely stable against the United States dollar on Friday, July 31, 2026, with only slight movements recorded across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market.
According to data released by the Central Bank of Nigeria (CBN), the official exchange rate hovered around ₦1,379 per dollar, showing little change from recent trading sessions. Independent market trackers similarly placed the official rate within the ₦1,379–₦1,384 range during the day’s trading.
In the parallel market, popularly known as the black market, the dollar traded at about ₦1,409 for buying and ₦1,420 for selling in Lagos and other major foreign exchange hubs. Rates varied slightly among dealers depending on location, transaction size, and prevailing market conditions.
As a result, the spread between the official and parallel markets remained relatively narrow at roughly ₦30–₦40 per dollar, a significant improvement from the much wider premiums recorded during periods of severe foreign exchange shortages.
Analysts attributed the naira’s continued stability to stronger liquidity in the official market, sustained foreign exchange inflows, and periodic interventions by the Central Bank. Reuters also noted that the currency has recently traded within a relatively tight band, with the official market around ₦1,373 per dollar and the parallel market near ₦1,405, underscoring the limited day-to-day volatility.
Currency traders said demand for dollars from importers, businesses, and individuals outside the formal banking system remained firm. However, improved dollar supply has helped absorb much of that demand, preventing significant depreciation of the local currency.
For Nigerians tracking the exchange rate today, the naira was trading at approximately ₦1,379 per dollar in the official NFEM market and between ₦1,409 and ₦1,420 per dollar in the parallel market. Dealers noted that these rates could still fluctuate modestly before the close of trading, depending on market demand and available foreign exchange liquidity.
