The naira traded with little movement against the US dollar on Wednesday, July 29, 2026, as the exchange rate remained relatively stable across both the official foreign exchange market and the parallel market.
According to data from the Nigerian Foreign Exchange Market (NFEM), the official naira-to-dollar exchange rate averaged ₦1,364.54/$1 during early trading.
The local currency opened trading at approximately ₦1,367.00 per dollar before strengthening slightly to trade around ₦1,364.50/$1 during the morning session.
Dollar to Naira Exchange Rate Today
| Market | Buying Rate | Selling Rate | Average/Closing Rate |
|---|---|---|---|
| Official (NFEM) | — | — | ₦1,364.54/$1 |
| Official Opening Rate | — | — | ₦1,367.00/$1 |
| Parallel Market | ₦1,410/$1 | ₦1,425/$1 | Varies by location |
Market participants noted that naira exchange rates in the parallel market continue to differ depending on location, transaction size and the availability of foreign exchange.
Why the Exchange Rate Remains Stable
Currency dealers attributed the relative stability in the dollar-to-naira exchange rate to sustained liquidity interventions by the Central Bank of Nigeria (CBN), as well as recent monetary policy measures aimed at improving liquidity and boosting confidence in the foreign exchange market.
The narrowing gap between the official exchange rate and the parallel market has also been linked to the CBN’s continued efforts to improve foreign exchange supply and maintain market stability.
Meanwhile, importers, investors and other foreign exchange users are expected to closely monitor movements in Nigeria’s external reserves and global currency markets as trading continues throughout the day.
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