The naira began trading on Tuesday, July 28, 2026, at ₦1,362.09 per US dollar in the official Nigerian Foreign Exchange Market (NFEM), while the parallel market traded above ₦1,410/$ as traders monitored foreign exchange liquidity and demand.
The gap between the official and parallel market rates remained relatively narrow, reflecting continued stability in the foreign exchange market despite sustained demand for the US dollar.
Official market records stable trading
Data from the Central Bank of Nigeria’s Nigerian Foreign Exchange Market showed the naira trading around ₦1,362.09/$, with transactions ranging between ₦1,359 and ₦1,365 during the trading session.
The latest available NFEM closing rate stood at approximately ₦1,361 per dollar, indicating only marginal movement in the official exchange rate.
Early Tuesday interbank quotes also showed the US dollar trading at about ₦1,366.84/$, highlighting ongoing activity within the official foreign exchange window.
Black market rate remains above ₦1,410
At the parallel market, also known as the black market, the dollar was bought for between ₦1,402 and ₦1,405 and sold within the ₦1,410 to ₦1,412 range in Lagos.
Currency dealers said exchange rates differed slightly depending on location and the size of transactions.
The spread between the official NFEM rate and the black market selling price remained around ₦48 to ₦50 per dollar.
This is significantly lower than the wider premiums recorded during previous periods of intense foreign exchange pressure.
Traders attributed the black market rate to continued demand from importers, manufacturers and individuals seeking foreign exchange for invisible transactions.
They added that improved dollar liquidity in the official market has helped keep the naira relatively stable.
The Central Bank of Nigeria continues to discourage the use of the parallel market and advises individuals and businesses to obtain foreign exchange through authorised banks and licensed financial institutions.