The naira began Tuesday’s trading session on July 28, 2026, with a relatively tight spread between the official Nigerian Foreign Exchange Market (NFEM) and the parallel market, as traders kept a close watch on dollar liquidity and demand across the banking and Bureau de Change segments.
At the official market, Central Bank of Nigeria NFEM data showed the naira changing hands at around ₦1,362.09 per US dollar, with transactions on the day ranging between ₦1,359 and ₦1,365. The closing rate from the most recent available NFEM session stood at approximately ₦1,361 per dollar.
Live interbank pricing also indicated the dollar was being quoted at around ₦1,366.84 in early Tuesday trading, reflecting continued activity within the official foreign exchange window.
On the parallel market — widely referred to as the black market — the dollar was being bought at between ₦1,402 and ₦1,405 and sold at between ₦1,410 and ₦1,412 in Lagos, with dealers reporting slight variations across different locations and transaction sizes.
The gap between the official NFEM rate and the parallel market selling rate held at around ₦48 to ₦50 per dollar — a considerably narrower premium compared with the levels recorded during previous periods of acute foreign exchange pressure.
Currency traders said demand from importers, manufacturers and individuals seeking foreign exchange for personal transactions continued to support the black-market rate, while improved liquidity in the official window helped keep the naira broadly stable.
The Central Bank of Nigeria does not recognise the parallel market and continues to advise individuals and businesses to source foreign exchange through authorised banks and licensed financial institutions.