Naira rises to N1,400/$ in parallel market

The Nigerian Naira opened trading on Wednesday, July 29, 2026, maintaining relative stability against the United States dollar across both the official Foreign Exchange Market (NFEM) and the parallel market. Data from the official Nigerian Foreign Exchange Market shows the currency trading at an average rate of 1,364.54 Naira per US Dollar. Intra-day spot trading in the official window opened near 1,367.00 Naira before settling around the 1,364.50 range during morning transactions.

In the parallel market, commonly referred to as the black market, Bureau De Change operators and street traders are quoting buying rates at around 1,410 Naira per Dollar and selling rates at approximately 1,425 Naira per Dollar. Variations continue to exist depending on location, transaction volume, and immediate market liquidity. Market operators attribute the sustained narrowing of the spread between official and parallel market rates to ongoing liquidity interventions by the Central Bank of Nigeria (CBN) alongside clear monetary policy guidance issued following recent Monetary Policy Committee sessions.

Importers, investors, and foreign exchange users are keeping a close watch on international market dynamics and local foreign reserves as market activity unfolds throughout the day. The post Dollar to Naira exchange rate today, July 29, 2026 appeared first on Vanguard News. By Elizabeth Adegbesan The Naira yesterday appreciated to N1,400 per dollar in the parallel market from N1,407 per dollar on Monday.

But the naira depreciated to N1,365 per dollar in the Nigerian Foreign Exchange Market, NFEM. Data from the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1,365 per dollar from N1,364 per dollar on Monday, indicating N1 depreciation for the naira. Consequently, the margin between the parallel and official markets narrowed to N35 per dollar from N43 per dollar on Monday.

The interbank turnover at NFEM fell by 159.9 percent to N102.95 million yesterday from N39.6 million on Monday. The post Naira rises to N1,400/$ in parallel market appeared first on Vanguard News.