Naira Holds Steady as Dollar Rate Shows Minimal Movement

(Naira And Dollar. Photo by Nairacompare)

On Friday, July 31, 2026, the naira remained relatively constant versus the US dollar, with just minimal changes in both the official Nigerian Foreign Exchange Market (NFEM) and the unofficial market.

The Central Bank of Nigeria said that the official NFEM exchange rate remained stable at ₦1,379 per dollar in recent trading sessions.

During the day’s trade, independent market trackers estimated the official rate to be between ₦1,379 and ₦1,384.

In the parallel market, popularly known as the black market, the dollar exchanged at around ₦1,409 for buying and ₦1,420 for selling in Lagos and other major currency trading hubs, with rates varying slightly across dealers depending on transaction size and location.

As a result, the gap between the official and street market rates remained relatively narrow, at about ₦30 to ₦40 per dollar, considerably smaller than the wide premiums recorded during earlier periods of acute foreign exchange scarcity.

Market analysts attributed the naira’s continued stability to improved liquidity in the official market and periodic interventions by the Central Bank.

A report indicated that the currency has recently traded within a fairly tight range, with the official market hovering around ₦1,373 and the street market near ₦1,405, reflecting only mild day-to-day fluctuations.

Currency traders observed that demand from importers and individuals seeking foreign exchange outside the banking system remained high, but supply conditions were adequate to prevent any sharp depreciation.

For Nigerians tracking the exchange rate, key market levels stood at approximately ₦1,379 to $1 in the official NFEM market and between ₦1,409 and ₦1,420 to $1 in the parallel market.

These figures were still subject to slight changes before the close of trading, as dealers adjust prices in response to demand and available dollar liquidity.