Naira Opens At ₦1,364.54/$ As Official, Black Market Rates Remain Stable

The Nigerian Naira opened trading on Wednesday, July 29, 2026, at an average official exchange rate of ₦1,364.54 per US Dollar, maintaining relative stability in both the Nigerian Foreign Exchange Market (NFEM) and the parallel market.

The local currency continued to trade within a narrow range as investors and foreign exchange dealers monitored developments in the market, with expectations that ongoing interventions by the Central Bank of Nigeria (CBN) would help sustain recent exchange rate stability.

According to data from the Nigerian Foreign Exchange Market (NFEM), the Dollar traded at an average rate of ₦1,364.54/$ during Wednesday’s early trading session.

Trading in the official market opened at approximately ₦1,367.00/$ before easing to around ₦1,364.54/$ in morning transactions.

For comparison, the Naira closed at ₦1,362.09/$ in the official NFEM window on Tuesday, July 28, indicating only a marginal movement.

The official market has continued to experience fewer sharp fluctuations in recent weeks, supported by improved foreign exchange liquidity and ongoing reforms introduced by the Central Bank of Nigeria.

Black Market Exchange Rate

In the parallel market, commonly referred to as the black market, currency traders quoted the US Dollar at approximately:

• Buying Rate: ₦1,410/$
• Selling Rate: ₦1,425/$

Exchange rates in the informal market may vary depending on location, transaction volume, customer demand and the availability of foreign currency.

Although a gap remains between the official and parallel market rates, the difference has narrowed considerably compared with previous months.

Foreign exchange dealers attributed the relative stability to continued liquidity injections by the Central Bank of Nigeria, alongside tighter monetary policies introduced after recent Monetary Policy Committee (MPC) meetings.

The apex bank’s foreign exchange reforms, including measures aimed at improving market transparency and increasing Dollar liquidity, have also contributed to stronger confidence among investors and market participants.

Importers, exporters, manufacturers and other businesses that rely on foreign exchange are expected to continue monitoring trading activity, global market conditions and Nigeria’s external reserves for indications of the Naira’s near-term direction.

The Central Bank of Nigeria recognises the Nigerian Foreign Exchange Market (NFEM) rate as the country’s official exchange rate benchmark, while parallel market rates are unofficial and may differ across dealers and locations.