Nigerian Naira Shows Mixed Performance Across Exchange Markets

The Government of Nigeria oversaw a period of mixed currency performance from July 29 to July 31, 2026, as the naira fluctuated across official and informal exchange channels. On July 29, the naira depreciated 0.09% to ₦1,366.71 per US dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM), while appreciating 0.30% in the parallel market to ₦1,391 per dollar.

Volatility persisted through July 30 and 31. At the official NFEM window, the currency closed at ₦1,368.50 on July 31, though reports diverged on whether this represented a slight depreciation or a 50-kobo appreciation. Parallel market data for the same period remained contradictory, with some reports citing a depreciation to ₦1,415 per dollar and others noting an appreciation to ₦1,388 per dollar.

By the close of July 31, the currency strengthened 0.43% in the parallel market to ₦1,388 per US dollar, while the NAFEM rate eased 0.11% to ₦1,368.22. This movement narrowed the spread between the two markets to ₦19.78. Portfolio managers view this relative stability and the closing gap as positive indicators for attracting foreign investment in local-currency assets, such as equities and government bonds, especially when compared to other frontier markets like Egypt and Kenya.