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    The Nigerian naira traded around ₦1,379 per United States dollar at the official Nigerian Foreign Exchange Market (NFEM) on Friday, July 31, 2026, while the dollar sold for as high as ₦1,420 in the parallel market.

    The local currency remained largely stable across both markets, recording only marginal movements.

    Data from the Central Bank of Nigeria (CBN) showed the official exchange rate hovering around ₦1,379/$1, with little change from recent trading sessions.

    Independent market trackers also placed the official rate within the ₦1,379 to ₦1,384 per dollar range during the day’s trading.

    Official and parallel market rates remain steady

    In the parallel market, popularly known as the black market, the US dollar traded at about ₦1,409 for buying and ₦1,420 for selling in Lagos and other major foreign exchange hubs.

    Exchange rates varied slightly among dealers, depending on transaction size and location.

    The difference between the official and parallel market rates remained relatively narrow at ₦30 to ₦40 per dollar, significantly lower than the wide gaps recorded during periods of severe foreign exchange shortages.

    Market analysts attributed the naira’s stability to improved liquidity in the official market and periodic interventions by the Central Bank of Nigeria.

    Reuters also reported that the naira has continued to trade within a relatively tight range in recent sessions, with the official market around ₦1,373 per dollar and the parallel market near ₦1,405 per dollar, reflecting only modest daily fluctuations.

    Demand for dollars remains high

    Currency traders said demand for foreign exchange from importers and individuals outside the banking system remained strong.

    However, improved dollar supply has helped prevent any significant depreciation of the naira.

    As of Friday, July 31, 2026, the key exchange rate levels remained approximately ₦1,379/$1 at the official NFEM market and ₦1,409 to ₦1,420/$1 in the parallel market.

    Dealers noted that the rates could still experience slight adjustments before the close of trading, depending on market demand and the availability of dollar liquidity.

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