The naira maintained a relatively stable position against the United States dollar at the official Nigerian Foreign Exchange Market (NFEM) on Tuesday, August 4, 2026, while the parallel market continued to trade above the ₦1,400 mark.
Data from the Central Bank of Nigeria’s exchange rate portal showed that the latest NFEM rate stood at approximately ₦1,368.22 per dollar, with the official exchange market remaining within the ₦1,362–₦1,369 range recorded in recent trading sessions.
At the parallel market, also known as the black market or Aboki market, currency dealers in Lagos quoted the dollar at about ₦1,410 for buying and between ₦1,415 and ₦1,425 for selling on Tuesday morning. The rates varied depending on location and the volume of transactions.
The difference between the official and parallel market rates remained around ₦45 to ₦57 per dollar, reflecting continued pressure from higher demand for foreign exchange in the retail market despite stability in the official window.
Analysts noted that the naira has shown improved stability in recent weeks compared with the sharp fluctuations experienced in 2024 and early 2025. They attributed the improvement to increased foreign exchange liquidity, tighter monetary policies and ongoing reforms by the Central Bank of Nigeria aimed at improving transparency in the foreign exchange market.
For individuals and businesses looking to exchange money, $100 would be worth about ₦136,822 at the official NFEM rate, while the same amount would exchange for approximately ₦141,500 to ₦142,500 in the parallel market.
The Central Bank of Nigeria explained that the NFEM rate is calculated using the volume-weighted average of completed transactions and serves as the country’s official foreign exchange benchmark.