The naira recorded another day of relative stability against the United States dollar on Friday, July 31, 2026, with only slight movements across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market.
Figures released by the Central Bank of Nigeria (CBN) showed the official exchange rate hovering around ₦1,379 per US dollar, while independent foreign exchange trackers placed the day’s trading between ₦1,379 and ₦1,384, reflecting minimal changes from recent sessions.
In the parallel market, popularly known as the black market, the dollar exchanged at about ₦1,409 for buying and ₦1,420 for selling across Lagos and other major foreign exchange centres. Dealers noted that rates differed slightly depending on transaction volume and location.
The difference between the official and parallel market rates remained relatively narrow at roughly ₦30 to ₦40 per dollar, a significant improvement compared to previous periods when foreign exchange shortages created much wider pricing gaps.
Market analysts attributed the currency’s stability to improved dollar liquidity in the official market and periodic interventions by the Central Bank of Nigeria. Recent market activity has shown the naira trading within a relatively tight range, reducing the sharp daily swings that previously characterised the foreign exchange market.
Despite continued demand from importers, businesses and individuals sourcing foreign currency outside the banking system, traders said available supply has remained strong enough to prevent any significant depreciation of the local currency.
As of Friday’s trading, the benchmark exchange rates stood at approximately ₦1,379/$1 in the official NFEM market and ₦1,409–₦1,420/$1 in the parallel market. Dealers noted that the figures could still experience minor adjustments before the close of trading, depending on market demand and available foreign exchange liquidity.
