The Nigerian naira opened the week on a relatively stable footing against the United States dollar, with modest movements recorded across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market on Monday, July 27, 2026.
The latest figures from the Central Bank of Nigeria (CBN) showed that the official NFEM rate closed at ₦1,362.09 to the dollar on July 24, the most recent trading session on record. The market posted a highest rate of ₦1,365.00, a lowest rate of ₦1,359.00 and a closing rate of ₦1,361.00.
On the parallel market — widely known as the black market — currency dealers reported that the dollar was being bought at around ₦1,350 and sold for approximately ₦1,375 on Monday morning.
The gap between the official and street rates remained relatively tight, pointing to continued convergence between the two markets compared with the far wider spreads seen in previous years.
The CBN has continued to press ahead with foreign exchange reforms designed to improve liquidity, bolster investor confidence and bring greater stability to the naira. The Monetary Policy Committee also opted last week to hold the Monetary Policy Rate steady at 26.5 per cent, citing ongoing global economic uncertainty and the need to maintain macroeconomic stability.
It is worth noting that parallel market rates may differ across locations and Bureau De Change operators, depending on prevailing levels of demand, supply and transaction volumes.