The naira recorded a largely stable performance against the United States dollar on Friday, July 31, 2026, with only slight movements observed across both the official and parallel foreign exchange markets.
Latest figures released by the Central Bank of Nigeria (CBN) showed the naira exchanging at about ₦1,379 per dollar at the Nigerian Foreign Exchange Market (NFEM), maintaining the relatively steady trend recorded in recent trading sessions.
Independent foreign exchange market trackers also quoted the official exchange rate within the ₦1,379 to ₦1,384 per dollar range during Friday’s trading.
In the parallel market, popularly known as the black market, the dollar exchanged at approximately ₦1,409 for buying and ₦1,420 for selling across Lagos and other major commercial centres, although rates varied slightly depending on location, dealer and transaction volume.
The difference between the official and parallel market rates remained relatively narrow at about ₦30 to ₦40 per dollar, a significant improvement from the much wider gap witnessed during periods of severe foreign exchange volatility.
Market analysts attributed the naira’s continued stability to improved dollar liquidity in the official market, supported by periodic interventions by the Central Bank of Nigeria.
According to Reuters, the local currency has continued to trade within a relatively tight range in recent sessions, with the official market hovering around ₦1,373 per dollar while the parallel market traded close to ₦1,405 per dollar, reflecting only modest day-to-day fluctuations.
Foreign exchange traders also noted that although demand for dollars from importers and individuals outside the banking system remains strong, improved supply has helped prevent a sharp depreciation of the naira.
As of Friday, July 31, the key exchange rates stood at approximately ₦1,379 per dollar at the official NFEM window and between ₦1,409 and ₦1,420 per dollar in the parallel market. Dealers, however, noted that the rates could still fluctuate slightly before the close of trading depending on market demand and dollar liquidity.
