The naira traded within a relatively stable range against the United States dollar on Tuesday, July 28, 2026, as the gap between the official Nigerian Foreign Exchange Market (NFEM) and the parallel market remained significantly narrower than levels recorded during periods of heightened foreign exchange volatility.
Data from the official market showed the naira exchanging at about ₦1,362.09 to the dollar, with trading activity fluctuating within the ₦1,359 to ₦1,365 range. Early interbank quotations also placed the exchange rate at around ₦1,366.84 per US dollar, reflecting continued activity in the authorised foreign exchange window.
Across the parallel market, the dollar traded at approximately ₦1,402 to ₦1,405 on the buying side and between ₦1,410 and ₦1,412 for sellers, Brandspur Banking News Desk reports.
The difference between the official market rate and the parallel market selling price remained at roughly ₦50 per dollar, highlighting improved alignment between both segments compared with wider spreads previously experienced during periods of foreign exchange scarcity.
Market participants attributed the stability to improved liquidity in the official market, although demand from importers, manufacturers and individuals seeking foreign exchange for eligible transactions continued to support higher prices in the parallel market.
The Central Bank of Nigeria continues to encourage individuals and businesses to source foreign exchange through authorised banks and licensed financial institutions, maintaining that the official market remains the recognised channel for currency transactions.
The performance of the naira remains closely watched by businesses, investors and consumers because exchange rate movements directly influence import costs, inflation, foreign investment sentiment and overall economic activity. Market observers expect liquidity conditions and foreign exchange demand to remain key drivers of the naira’s performance in the coming trading sessions.
