The naira remained broadly stable against the United States dollar on Friday, July 31, 2026, with only marginal movements recorded in both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market.
Data published by the Central Bank of Nigeria showed that the official NFEM exchange rate hovered around ₦1,379 per dollar, reflecting little change from recent trading sessions. Independent market trackers also placed the official rate in the ₦1,379–₦1,384 range during the day’s trading.
In the parallel market, commonly referred to as the black market, the dollar traded around ₦1,409 for buying and ₦1,420 for selling in Lagos and other major currency hubs. Rates varied slightly across dealers depending on transaction size and location.
The gap between the official and street markets therefore remained relatively narrow at about ₦30–₦40 per dollar, much smaller than the wide premiums seen during previous periods of acute foreign exchange shortages.
Market analysts said the naira’s stability has continued to be supported by improved liquidity in the official market and periodic interventions by the Central Bank. Reuters reported that the currency has recently traded within a relatively tight range, with the official market around ₦1,373 and the street market near ₦1,405, indicating only mild day-to-day fluctuations.
Currency traders noted that demand from importers and individuals seeking foreign exchange outside the banking system remained elevated, but supply conditions were sufficient to prevent sharp depreciation.
For Nigerians monitoring the exchange rate today, the key market levels were approximately ₦1,379/$1 in the official NFEM market and ₦1,409–₦1,420/$1 in the parallel market. These figures may still change slightly before the close of trading as dealers adjust prices in response to demand and available dollar liquidity.
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