Naira Opens Week Stable At ₦1,362/$ As Dollar Sells For ₦1,375 In Black Market

The Nigerian naira began the week on a stable note, trading at ₦1,362.09 per US dollar in the official Nigerian Foreign Exchange Market (NFEM), while the dollar exchanged for about ₦1,375 in the parallel market on Monday, July 27, 2026.

According to the latest figures released by the Central Bank of Nigeria (CBN), the naira closed at ₦1,362.09/$1 during trading on Friday, July 24, the most recent official trading session available.

The figures suggest the local currency has continued to hold a relatively stable position despite ongoing domestic and global economic pressures.

Data from the CBN showed that the highest exchange rate recorded during Friday’s trading session was ₦1,365.00/$1, while the day’s lowest rate stood at ₦1,359.00/$1. The market closed at approximately ₦1,361.00/$1, reflecting only modest fluctuations throughout the session.

The limited movement in the official market highlights continued stability in Nigeria’s foreign exchange market, where authorities have maintained reforms aimed at improving liquidity, transparency and investor confidence.

In the parallel market, commonly referred to as the black market, currency dealers quoted the US dollar at around ₦1,350for buying and ₦1,375 for selling on Monday morning.

The relatively narrow gap between the official and parallel market rates continues a trend seen in recent months, contrasting with the much wider disparities recorded in previous years when exchange rate differences created significant arbitrage opportunities.

Analysts say the improving convergence between both markets reflects the impact of ongoing foreign exchange reforms introduced by the Central Bank of Nigeria, although demand for foreign currency remains influenced by import needs, foreign investment flows and global market conditions.

Adding to the positive outlook, the Monetary Policy Committee (MPC) last week voted to retain the Monetary Policy Rate (MPR) at 26.5 per cent, citing persistent inflationary pressures, global economic uncertainties and the need to maintain macroeconomic stability.

While the official NFEM rate remains the benchmark recognised by the Central Bank of Nigeria, exchange rates in the parallel market may vary across states and Bureau De Change operators depending on local demand, foreign currency availability and transaction volumes.