The naira traded with relative stability against the US dollar on Tuesday, July 28, 2026, as the gap between the official foreign exchange market and the parallel market remained narrow.
At the official Nigerian Foreign Exchange Market (NFEM), data from the Central Bank of Nigeria showed the naira trading around ₦1,362.09 per dollar, with transactions during the day ranging between ₦1,359 and ₦1,365. The most recent closing rate in the official market stood at about ₦1,361/$.
Early interbank trading also showed the dollar exchanging at approximately ₦1,366.84, reflecting continued activity in the official forex window.
In the parallel market, also known as the black market, the dollar was bought for between ₦1,402 and ₦1,405, while selling rates ranged from ₦1,410 to ₦1,412 in Lagos. Dealers noted that prices varied slightly depending on location and the size of transactions.
The difference between the official exchange rate and the black-market selling rate remained around ₦48 to ₦50 per dollar, a significant improvement compared to periods when the forex market experienced wider disparities.
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Foreign exchange traders attributed the black-market rate to sustained demand from importers, manufacturers and individuals seeking foreign currency for personal and business transactions. They also noted that improved dollar liquidity in the official market has helped keep the naira relatively stable.
The Central Bank of Nigeria has consistently maintained that it does not recognise the parallel market and continues to advise individuals and businesses to obtain foreign exchange through authorised banks and licensed financial institutions.
