The Nigerian Naira traded at an official exchange rate of ₦1,358.63 per US Dollar in the Nigerian Foreign Exchange Market (NFEM) on Thursday, July 30, 2026, extending its recent run of relative stability across the country’s foreign exchange market.
According to data from the official market, spot transactions opened at approximately ₦1,365.69/$ before trading within a range of ₦1,356.61/$ and ₦1,361.25/$ during the early hours of the session.
The modest movement reflected continued low volatility in the official market, with foreign exchange dealers attributing the stability to improved Dollar liquidity and balanced demand.
Black Market Exchange Rate
In the parallel market, commonly referred to as the black market, the US Dollar traded at approximately:
- Buying Rate: ₦1,400/$
- Selling Rate: ₦1,400/$ (rates may vary slightly across dealers and locations)
Bureau De Change (BDC) operators in major commercial centres, including Lagos and Abuja, reported stable liquidity, with no significant pressure on either demand or supply.
Foreign exchange dealers said trading remained calm as buyers and sellers continued to transact within established price ranges.
The relatively narrow gap between the official and parallel market exchange rates has continued to strengthen confidence in Nigeria’s foreign exchange market.
Financial analysts believe the improved alignment reflects the impact of recent reforms, which have enhanced price discovery, reduced speculative trading and increased transparency in the market.
They also attributed the Naira’s stability to the Central Bank of Nigeria’s (CBN) sustained monetary policy measures, improved liquidity management, stronger external reserves and continued efforts to boost foreign exchange supply.
Despite the positive outlook, traders, importers and corporate buyers remain cautious as demand for foreign currency continues to be driven by import transactions, international business payments, school fees, medical expenses and other foreign obligations.
Market participants are expected to closely monitor future CBN policy decisions, movements in Nigeria’s external reserves, global economic conditions and foreign exchange inflows, all of which could influence the direction of the Naira in the coming weeks.
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 Bureau De Change operators and locations.
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