The Nigerian naira traded within a relatively stable range against the United States dollar as trading commenced on Monday, July 27, 2026, with only a narrow gap between the official and parallel market exchange rates.
Latest data released by the Central Bank of Nigeria (CBN) showed that the official Nigerian Foreign Exchange Market (NFEM) closed at ₦1,362.09 per dollar on Friday, July 24, the most recent trading session.
The official market recorded an intraday high of ₦1,365.00/$1, a low of ₦1,359.00/$1, and closed at ₦1,361.00/$1, reflecting continued stability in the foreign exchange market.
In the parallel market, also known as the black market, currency dealers quoted the U.S. dollar at approximately ₦1,350for buying and ₦1,375 for selling on Monday morning.
The relatively narrow spread between the official and parallel market rates indicates continued convergence between both markets, a marked improvement from the significantly wider disparities recorded in previous years.
The Central Bank of Nigeria has continued to implement foreign exchange reforms aimed at improving market liquidity, attracting foreign investment and strengthening confidence in the naira.
The latest exchange rate movement also comes after the CBN’s Monetary Policy Committee retained the Monetary Policy Rate (MPR) at 26.5 per cent, citing persistent global economic uncertainties and the need to sustain macroeconomic stability while keeping inflationary pressures under control.