The Nigerian naira ended July 2026 on a weaker note against the United States dollar, with the local currency trading at about ₦1,366.73/$ in the official market and ₦1,430/$ on the parallel market.
The development came as the naira recorded another marginal decline in the official foreign exchange market on Friday, July 31, 2026, the final trading day of the month.
Official market rate
Data from the Nigerian Foreign Exchange Market (NFEM) showed the naira closing at approximately ₦1,366.73 to the dollar.
The latest movement extended the currency’s recent weakness in the official market, amid continued demand for foreign exchange and changing liquidity conditions.
Dollar rises to ₦1,430 on parallel market
On the parallel market, commonly referred to as the black market, the dollar was quoted at approximately ₦1,410 for buying and ₦1,430 for selling.
This means Nigerians looking to purchase $1,000 at the reported parallel-market selling rate would require about ₦1.43 million.
At the official rate of ₦1,366.73/$, the same $1,000 would be worth approximately ₦1.367 million, leaving a difference of about ₦63,270 between the two rates.
Naira-dollar rates at July close
Market| Dollar rate
Official NFEM| ₦1,366.73/$
Parallel market – Buying| ₦1,410/$
Parallel market – Selling| ₦1,430/$
The gap between the official and parallel markets remains an important indicator of foreign-exchange demand and availability in Nigeria.
For Nigerians with dollar-denominated obligations, including international students, travellers, importers and businesses paying for goods and services abroad, movements in the exchange rate can directly affect the amount of naira required to meet their obligations.
The July closing figures are expected to set the tone for August, with attention likely to remain on dollar supply, foreign-exchange liquidity and measures by the Central Bank of Nigeria (CBN) to support stability in the market.
As July came to an end, the naira therefore closed the month with the dollar at approximately ₦1,366.73 in the official market and ₦1,430 on the parallel market.
