The naira opened trading on Tuesday, July 28, 2026, with a relatively narrow gap between the official Nigerian Foreign Exchange Market (NFEM) and the parallel market, as traders monitored dollar liquidity and demand across the banking and Bureau de Change segments.
Official Market (NFEM)
According to Central Bank of Nigeria data, the naira traded around ₦1,362.09 per US dollar, with transactions ranging between ₦1,359 and ₦1,365. The most recent closing rate stood at approximately ₦1,361/$.
Live interbank pricing in early Tuesday trading quoted the dollar at about ₦1,366.84/$.
Parallel Market (Black Market)
In Lagos, the dollar was bought at ₦1,402–₦1,405 and sold between ₦1,410 and ₦1,412. Dealers reported slight variations depending on location and transaction size.
The gap between the official NFEM rate and the parallel market selling rate remained around ₦48–₦50 per dollar, significantly narrower than levels seen during periods of severe foreign exchange pressure.
Currency traders attributed continued support for the black-market rate to demand from importers, manufacturers, and individuals seeking invisible transactions, while improved liquidity in the official window helped keep the naira relatively stable.
The Central Bank of Nigeria does not recognise the parallel market and advises individuals and businesses to obtain foreign exchange only through authorised banks and licensed financial institutions.