Naira Gains Slightly as Black Market Dollar Rate Falls to ₦1,405

The Nigerian naira recorded a slight gain against the United States dollar in the parallel (black) foreign exchange market on Monday, July 27, 2026, following a modest improvement in the supply of dollars across Bureau De Change (BDC) outlets.

According to currency traders, the US dollar exchanged at ₦1,395 for buying and ₦1,405 for selling, compared to Friday's rates of ₦1,400 and ₦1,410, respectively. The change reflects a marginal appreciation of the naira after recent losses.

Despite the improvement, demand for foreign exchange remains high, driven by importers, manufacturers, international travelers, students paying tuition abroad, and businesses settling overseas obligations. However, traders noted that increased dollar availability in some markets helped ease pressure on the local currency.

Foreign exchange dealers said black market rates may differ depending on location, transaction size, and individual BDC operators, as the market remains largely driven by supply and demand.

Analysts believe the naira's performance in the coming days will continue to depend on factors such as official foreign exchange liquidity, crude oil earnings, diaspora remittances, investor confidence, inflation, and monetary policy decisions.

The official foreign exchange market, regulated by the Central Bank of Nigeria (CBN), continues to operate separately from the parallel market, resulting in differences between official and black market exchange rates.

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