The Nigerian Naira traded within a relatively stable range against the United States dollar at the start of trading on Monday, July 27, 2026, with only a narrow gap separating the official and parallel market exchange rates.
Figures released by the Central Bank of Nigeria (CBN) showed that the official Naira to dollar exchange rate at the Nigerian Foreign Exchange Market (NFEM) closed at ₦1,362.09 per dollar in the latest trading session on Friday, July 24.
During the trading day, the exchange rate reached an intraday high of ₦1,365.00/$1, while the lowest recorded level was ₦1,359.00/$1. The market eventually settled with a closing rate of ₦1,361.00/$1.
Naira to Dollar Exchange Rate Summary
| Market | Buying Rate | Selling/Closing Rate | Highest Rate | Lowest Rate |
|---|---|---|---|---|
| Official (NFEM) | — | ₦1,361.00/$1 (Closing) CBN Reference: ₦1,362.09/$1 | ₦1,365.00/$1 | ₦1,359.00/$1 |
| Parallel Market | ₦1,350/$1 | ₦1,375/$1 | Varies | Varies |
In the parallel foreign exchange market, currency traders quoted the dollar at an average buying rate of ₦1,350/$1, while the selling rate stood at approximately ₦1,375/$1 on Monday morning.
The relatively small difference between the official and parallel market exchange rates suggests that the gap between both markets has continued to narrow, a significant improvement compared to the much wider spreads recorded in previous years.
The CBN has sustained a series of foreign exchange reforms designed to improve market liquidity, attract investment and promote greater stability for the Naira.
In addition, the Monetary Policy Committee recently retained the country’s Monetary Policy Rate (MPR) at 26.5 per cent, citing global economic uncertainties and the need to preserve macroeconomic stability.
Market analysts note that the Naira to dollar exchange rate in the parallel market is not fixed and may differ across locations and Bureau de Change operators, depending on demand, supply and the volume of foreign currency transactions.
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