The Nigerian naira remained largely stable against the United States dollar on Wednesday, July 29, 2026, as trading opened with only minor movements across both the official foreign exchange market and the parallel market.
Figures from the Nigerian Foreign Exchange Market (NFEM) showed the naira trading at an average exchange rate of ₦1,364.54 per US dollar during early trading. The official market opened at about ₦1,367.00/$ before settling around the ₦1,364.50/$ level in morning transactions.
In the parallel market, also known as the black market, Bureau de Change (BDC) operators quoted the dollar at an average buying rate of ₦1,410 and a selling rate of ₦1,425. Exchange rates varied slightly across different locations depending on demand, transaction size and market liquidity.
The gap between the official and parallel market rates has continued to narrow in recent weeks, a trend many market participants attribute to improved liquidity and the Central Bank of Nigeria’s (CBN) foreign exchange interventions.
Analysts also point to recent monetary policy decisions by the CBN’s Monetary Policy Committee (MPC), saying clearer policy direction has helped strengthen confidence in the foreign exchange market and reduce speculative pressure on the naira.
As trading continues, importers, exporters, investors and other foreign exchange users are closely monitoring movements in Nigeria’s external reserves and global currency markets, which are expected to influence exchange rate trends in the coming days.
While the naira has shown signs of stability, financial experts say sustained improvements will depend on stronger foreign exchange inflows, higher export earnings and continued policy consistency from monetary authorities.
