The Nigerian naira remained relatively stable against the United States dollar on Friday, July 31, 2026, with only slight changes recorded in both the official foreign exchange market and the parallel market.
Figures from the Central Bank of Nigeria (CBN) showed that the official Nigerian Foreign Exchange Market (NFEM) rate stood at about ₦1,379 per dollar, indicating minimal movement compared with recent trading sessions. Other market trackers also placed the official exchange rate within the ₦1,379 to ₦1,384 range.
In the parallel market, popularly known as the black market, the dollar exchanged at approximately ₦1,409 for buying and ₦1,420 for selling in Lagos and other major currency trading locations. However, rates varied slightly among dealers depending on location and transaction volume.
The difference between the official and parallel market rates remained relatively low, ranging between ₦30 and ₦40 per dollar, compared with the wider gaps experienced during previous foreign exchange shortages.
Market analysts attributed the naira’s recent stability to improved liquidity in the official forex market and interventions by the Central Bank of Nigeria. Reuters also reported that the currency has been trading within a narrow range, with the official market around ₦1,373 and the parallel market near ₦1,405, reflecting limited daily fluctuations.
Currency dealers noted that although demand from importers and individuals seeking foreign exchange outside the banking system remains high, available supply has helped prevent significant pressure on the naira.
For Nigerians tracking the exchange rate, the major figures for Friday stood at about ₦1,379/$1 in the official NFEM market and ₦1,409–₦1,420/$1 in the parallel market. The rates may still experience minor adjustments before the end of trading as dealers respond to market demand and dollar availability.