The Nigerian naira maintained relative stability against the United States dollar as trading opened on Monday, July 27, 2026, with exchange rates remaining closely aligned across the official Nigerian Foreign Exchange Market (NFEM) and the parallel market.
Latest data from the Central Bank of Nigeria (CBN) showed that the official NFEM rate closed at ₦1,362.09 to $1 on July 24, the most recent trading session available. During the session, the dollar traded as high as ₦1,365.00 and as low as ₦1,359.00, before closing at ₦1,361.00 to $1.
In the parallel market, commonly known as the black market, currency dealers quoted the dollar at approximately ₦1,350 for buying and ₦1,375 for selling on Monday morning.
The relatively narrow gap between the official and parallel market rates reflects continued convergence between both segments of the foreign exchange market, compared with the wider disparities recorded in previous years.
The Central Bank of Nigeria has continued to implement foreign exchange reforms aimed at improving market liquidity, strengthening investor confidence and promoting greater stability in the naira.
Last week, the Monetary Policy Committee also retained the Monetary Policy Rate at 26.5 percent, citing prevailing global economic uncertainties and the need to sustain macroeconomic stability.
However, exchange rates in the parallel market may vary across different locations and Bureau de Change operators, depending on prevailing demand, supply and transaction volumes.
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