Naira Trades Around ₦1,368/$1 at Official Market as Black Market Rate Stays Above ₦1,400

The naira remained largely stable against the United States dollar at the official Nigerian Foreign Exchange Market (NFEM) on Tuesday, August 4, 2026, trading around ₦1,368/$1, while the parallel market continued to quote the dollar above the ₦1,400 mark.

Figures obtained from the Central Bank of Nigeria’s exchange rate portal showed the latest volume-weighted NFEM rate at approximately ₦1,368.22 per dollar, extending the currency’s recent trend of trading within the ₦1,362–₦1,369 range.

Meanwhile, exchange dealers in Lagos’ parallel market quoted the dollar at around ₦1,410 for buying and between ₦1,415 and ₦1,425 for selling on Tuesday morning, with rates varying according to location and transaction volume.

The difference between both markets remained at approximately ₦45–₦57 per dollar, highlighting persistent pressure from retail foreign exchange demand despite relative stability in the official market.

Financial analysts said the naira’s performance has improved considerably compared with the volatility witnessed in 2024 and the early months of 2025, citing stronger FX liquidity, tighter monetary policies and the Central Bank’s ongoing market reforms as key factors supporting exchange rate stability.

Current exchange rates indicate that $100 is worth about ₦136,822 at the official market, compared with approximately ₦141,500–₦142,500 in the parallel market.

The Central Bank of Nigeria maintains that the NFEM rate is determined through a volume-weighted average of completed transactions, making it the country’s official benchmark exchange rate.

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