The Nigerian naira held steady against the U.S. dollar on Wednesday, July 29, 2026, with the official Nigerian Autonomous Foreign Exchange Market rate closing at 1,422 naira per dollar, while the parallel market rate traded at 1,472 per dollar.
Ejes Gist News reports that the Central Bank of Nigeria quoted the official rate at 1,422 naira per dollar, a marginal increase from 1,420 on Tuesday.
The naira remained stable as dollar supply matched demand amid month-end settlements. This stability comes after weeks of volatility that saw the naira touch 1,500 in the parallel market in early July.
Also Read:Naira Weakens Marginally Against Dollar on July 28, 2026
Sources told Ejes Gist News that the parallel market rate hovered around 1,472 naira per dollar, reflecting a premium of 50 naira over the official rate. Bureau de Change operators reported steady activity with no major fluctuations.
The premium has narrowed from over 100 naira in previous months, signaling improved convergence between the two markets.
Ejes Gist News reports that analysts attribute the relative stability to the Central Bank’s continued interventions and improved forex liquidity. The CBN has injected over $2 billion into the market since June through forward sales and swaps, helping to meet demand from importers and manufacturers.
Additionally, the bank has tightened monetary policy, raising the benchmark interest rate to 28% to curb inflation and support the naira. However, analysts caution that the naira remains vulnerable to external pressures, including a strong dollar globally and potential capital outflows.
Nigeria’s foreign reserves stood at $36.5 billion as of July 27, providing some buffer but still below pre-pandemic levels. The country continues to grapple with low oil production, which limits dollar inflows from its main export.
Dollar To Naira Exchange Rate Today
| Market | Rate (NGN/USD) |
|---|---|
| CBN Official (NAFEM) | 1,422 |
| Parallel Market | 1,472 |
| Bureau de Change (BDC) | 1,467 |
It is important to note that exchange rates can fluctuate during the day. The rates provided are closing figures as of 4 p.m. local time.
