Nigeria's Naira Holds Steady as CBN Reforms Narrow Dollar Gap

On Monday, July 27, 2026, the Nigerian naira remained relatively stable against the United States dollar in both the official Nigerian Foreign Exchange Market (NFEM) and the parallel (black) market. The official NFEM rate closed near ₦1,362 per $1, while the parallel market saw dollar purchases around ₦1,350 and sales near ₦1,375, reflecting a narrowed spread compared with previous wider gaps.

The Central Bank of Nigeria (CBN) attributes the improved liquidity and tighter convergence to ongoing foreign‑exchange reforms aimed at boosting investor confidence and supporting currency stability. In the same period, the Monetary Policy Committee kept the monetary policy rate unchanged at 26.5%, citing global economic uncertainties. Parallel‑market rates can still vary by location and Bureau De Change operator depending on supply and demand.