The naira traded with relative stability against the US dollar on Tuesday, July 28, 2026, as the gap between the official foreign exchange market and the parallel market remained moderate amid sustained demand for foreign currency.
Data from the Nigerian Foreign Exchange Market (NFEM) showed the official exchange rate hovering around ₦1,362.09 per US dollar, with trading during the session ranging between ₦1,359 and ₦1,365/$ . The latest available closing rate in the official market stood at approximately ₦1,361/$.
Early interbank market data also indicated the Dollar to Naira exchange rate at about ₦1,366.84 per dollar, reflecting continued trading activity within the official foreign exchange window.
In the parallel market, the Dollar to Naira exchange rate was quoted at ₦1,402–₦1,405 for buying and ₦1,410–₦1,412 for selling. Exchange rates varied slightly depending on location, transaction volume and individual currency dealers.
The spread between the official NFEM rate and the parallel market selling price remained within ₦48 to ₦50 per dollar, considerably lower than the wider margins recorded during periods of heightened pressure on Nigeria’s foreign exchange market.
Market participants attributed the parallel market rates to continued demand for foreign currency from importers, manufacturers and individuals requiring forex for personal and other eligible transactions. At the same time, improved liquidity in the official market helped the naira maintain a relatively stable position against the US dollar.
The Central Bank of Nigeria (CBN) continues to recognise only the official foreign exchange market and advises individuals and businesses seeking foreign currency to conduct transactions through authorised banks and other licensed financial institutions.
Dollar to Naira Exchange Rate Today (July 28, 2026)
| Market | Buying Rate | Selling Rate | Remarks |
|---|---|---|---|
| Official NFEM | — | ₦1,362.09/$ | Trading range: ₦1,359–₦1,365/$; latest closing rate about ₦1,361/$ |
| Interbank Market | — | ₦1,366.84/$ | Early Tuesday market indication |
| Parallel Market | ₦1,402–₦1,405/$ | ₦1,410–₦1,412/$ | Rates vary by location and transaction size |
Submit a Press Release | Advertise With Fresh News | Contact Us
