The naira began the week with relative stability against the United States dollar across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market on Monday, August 3, 2026.
Figures released by the Central Bank of Nigeria (CBN) showed that the official NFEM rate stood at approximately ₦1,368 per dollar, with the latest closing figure recorded at ₦1,368.22/$ as of August 2. The apex bank explained that the NFEM rate is determined through the volume-weighted average of transactions carried out in the market.
The official foreign exchange window has continued to trade within a limited range in recent sessions. Historical NFEM figures showed that the dollar closed at about ₦1,365.12 on July 31 and ₦1,365.53 on August 1, indicating minimal daily movement.
At the parallel market, popularly known as the black market, currency dealers in Lagos quoted the dollar at around ₦1,410 for buying and ₦1,425 for selling based on the latest market update.
The difference between the official and parallel exchange rates currently stands at about ₦57 per dollar.
The gap between both markets has reduced significantly compared with the wider disparities recorded during Nigeria’s foreign exchange crisis in 2024. The improvement has been linked to better liquidity conditions and reduced speculative activities in the currency market.
For individuals and businesses, a $100 exchange would amount to approximately ₦136,800 at the official NFEM rate and about ₦142,500 at the parallel market selling rate, depending on the exchange channel used.
Analysts noted that the naira’s future performance will largely depend on foreign exchange inflows from crude oil exports, foreign investments, diaspora remittances and the Central Bank of Nigeria’s efforts to manage liquidity in the official market.