The naira maintained a steady performance against the United States dollar on Friday, July 31, 2026, with only slight movements recorded in both the official foreign exchange market and the parallel market. The relatively stable exchange rate reflects continued market balance despite sustained demand for foreign currency.
According to data from the Central Bank of Nigeria (CBN), the official Nigerian Foreign Exchange Market (NFEM) recorded the dollar at around ₦1,379, while trading during the day remained within the ₦1,379 to ₦1,384 range.
In the parallel market, the dollar exchanged at approximately ₦1,409 for buying and ₦1,420 for selling in Lagos and other major currency trading centres. Rates differed slightly across locations due to variations in demand, supply and transaction volume.
Dollar to Naira Exchange Rate Today
| Exchange Market | Dollar Buying Rate | Dollar Selling Rate |
|---|---|---|
| Official (NFEM) | — | ₦1,379–₦1,384 |
| Parallel Market | ₦1,409 | ₦1,420 |
The gap between the official exchange rate and the parallel market remained within about ₦30 to ₦40 per dollar. Compared with previous periods of foreign exchange shortages, the difference has narrowed considerably.
Financial analysts attributed the stable naira performance to improved dollar liquidity in the official market and ongoing monetary policies introduced by the Central Bank of Nigeria. These measures have helped reduce sharp fluctuations in the exchange rate in recent weeks.
Although demand for foreign currency remains strong among importers, manufacturers, travellers and businesses, market participants said the current level of dollar supply has helped keep the naira relatively stable.
Factors Affecting the Naira Exchange Rate
Several factors continue to influence the dollar to naira exchange rate, including:
- Foreign exchange supply from exporters and investors.
- Demand for dollars by businesses and individuals.
- Central Bank of Nigeria monetary policies and interventions.
- Global economic conditions and international oil prices.
- Nigeria’s foreign reserve position.
As trading continues, dealers expect the naira exchange rate to remain relatively stable unless there is a significant change in dollar demand or liquidity before the close of the market.
For individuals and businesses monitoring the dollar to naira exchange rate today, experts advise confirming prices with authorised dealers before completing any foreign exchange transaction, as rates may vary slightly throughout the day.
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