Naira Depreciates to N1,366.7/$ at Official FX Window
By Aboki Forex —
The Nigerian naira weakened against the US dollar on Wednesday, July 29, 2026, trading at N1,366.7140 at the Central Bank of Nigeria’s official foreign exchange window. This marks a depreciation of at least N1.18 from the previous day’s rate of N1,365.5303.
Official Market Performance
Data from the CBN’s platform shows that the naira traded at the Nigerian Foreign Exchange Market (NFEM) rate of N1,366.7140 per dollar and closed at N1,366.5000 per dollar. On Tuesday, July 28, 2026, the NFEM rate stood at N1,365.5303. The slight drop of N1.18 reflects continued pressure on the local currency at the official window.
Parallel Market Movement
At the black market, the buying rate appreciated by N2 while the selling rate remained unchanged compared to Tuesday. According to AbokiFX, the naira-to-dollar exchange rate on Wednesday, July 29, 2026, was N1,403 per dollar for buying and N1,410 per dollar for selling. The parallel market buying rate improved, suggesting some demand easing, but the selling rate held steady.
The gap between the official and parallel rates narrowed slightly, with the official rate at N1,366.7 and the black market selling rate at N1,410 — a spread of about N43.3.
What This Means for the Naira
The marginal depreciation at the official window signals that the naira remains under pressure despite the CBN’s efforts to stabilise the FX market. The stability of the parallel market selling rate, however, suggests that speculative activities have not intensified. For Nigerian businesses and consumers, the tight gap between official and black market rates could mean reduced arbitrage opportunities, but any further depreciation would raise the cost of imported goods and raw materials.