On Wednesday, July 29, 2026, the Nigerian Naira showed consistent performance against the American dollar in both the official and informal exchange sectors. Official figures from the Nigerian Foreign Exchange Market indicate the currency settled at an average of 1,364.54 Naira per Dollar. While the session began with spot trading near 1,367.00, it quickly adjusted to the 1,364.50 level during early morning activity.
Meanwhile, the parallel market—often called the black market—saw Bureau De Change operators and independent traders offering to purchase dollars at 1,410 Naira, with selling prices hovering near 1,425 Naira. Traders note that actual rates can fluctuate based on local availability, the size of the transaction, and geographical differences.
Experts suggest that the tightening gap between official and informal rates stems from recent liquidity support provided by the Central Bank of Nigeria, as well as updated monetary policies from the Monetary Policy Committee. As the business day progresses, stakeholders including investors and importers remain focused on foreign reserve levels and broader global economic trends.
