The Nigerian naira traded at approximately ₦1,379 per United States dollar in the official Nigerian Foreign Exchange Market (NFEM) on Friday, July 31, 2026, while the dollar sold for as high as ₦1,420 in the parallel market.
The local currency recorded only marginal movements, extending the relative stability seen in recent trading sessions.
Official, parallel market rates remain stable
Data released by the Central Bank of Nigeria (CBN) showed the official exchange rate hovering around ₦1,379/$1, with only slight changes from previous sessions.
Independent market trackers also placed the official exchange rate between ₦1,379 and ₦1,384 per dollar during Friday’s trading.
In the parallel market, commonly referred to as the black market, Bureau De Change operators quoted the US dollar at approximately ₦1,409 for buying and ₦1,420 for selling across Lagos and other major foreign exchange centres.
Exchange rates varied slightly depending on transaction volume, location and individual dealers.
The gap between the official and parallel market rates remained within ₦30 to ₦40 per dollar, a significant improvement compared to the much wider disparities experienced during previous periods of foreign exchange shortages.
Improved liquidity supports the naira
Market analysts attributed the naira’s continued stability to improved liquidity in the official foreign exchange market and the Central Bank of Nigeria’s ongoing interventions aimed at supporting supply and reducing volatility.
According to Reuters, the naira has continued to trade within a relatively narrow range in recent sessions, with the official market around ₦1,373 per dollar and the parallel market near ₦1,405 per dollar, reflecting only modest day-to-day fluctuations.
Demand for foreign exchange remains strong
Currency dealers said demand for dollars from importers, businesses and individuals outside the formal banking system remains elevated.
However, increased foreign exchange availability has helped limit pressure on the local currency.
As of Friday, July 31, 2026, the key exchange rate levels stood at approximately:
- Official NFEM: ₦1,379/$1
- Parallel market: ₦1,409 to ₦1,420/$1
Dealers noted that exchange rates could still experience minor adjustments before the close of trading, depending on market demand and the availability of dollar liquidity.
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