Nigeria’s currency, the naira, remained relatively stable against the United States dollar on Wednesday, July 29, 2026, as the gap between the official foreign exchange market and the parallel (black) market continued to narrow.
At the Nigerian Foreign Exchange Market (NFEM), the naira traded at an average rate of ₦1,364.54 per US dollar. Trading opened at around ₦1,367.00/$ before settling near the ₦1,364.50 mark during early transactions.
In the parallel market, commonly known as the black market, Bureau De Change operators quoted the dollar at approximately ₦1,410 for buying and ₦1,425 for selling. Exchange rates continued to vary depending on location, transaction size, and market liquidity.
Analysts say the improving convergence between the official and parallel market rates reflects the impact of the Central Bank of Nigeria’s liquidity interventions and its tighter monetary policy measures. The reduced spread is seen as a positive signal for investor confidence and the country’s foreign exchange market.
Businesses, importers, and investors are closely monitoring global economic developments, Nigeria’s foreign reserves, and the Central Bank’s next policy decisions, all of which could influence the direction of the naira in the coming weeks.
While exchange rate pressures remain, the current stability offers cautious optimism for Africa’s largest economy as authorities continue efforts to strengthen the foreign exchange market and improve investor confidence.
