On Tuesday, July 28, 2026, the naira commenced trading with a compressed margin between official and unofficial market rates as participants tracked supply and demand dynamics. Official data from the Central Bank of Nigeria via the NFEM platform indicated the currency fluctuated near ₦1,362.09 per dollar, with trades spanning a range of ₦1,359 to ₦1,365. Previous sessions closed near ₦1,361, while current interbank figures place the dollar at ₦1,366.84.
Meanwhile, informal exchange points in Lagos reported the dollar trading between ₦1,402 and ₦1,412. This leaves a spread of approximately ₦48 to ₦50 against the official rate, a figure significantly lower than historical periods of volatility. Market analysts attribute the relative stability to better liquidity in official channels, despite persistent demand from manufacturers and importers within the parallel sector.
The Central Bank of Nigeria maintains that the parallel market is not an authorized venue for currency exchange and continues to urge the public to utilize licensed banking institutions for all financial transactions.
