The naira remained relatively stable against the US dollar on Wednesday, August 12, 2026, with the official Nigerian Foreign Exchange Market (NFEM) rate staying around the mid-₦1,360 range, while the parallel market traded within the low-₦1,400 region.
Data from the Central Bank of Nigeria’s NFEM platform put the official exchange rate at approximately ₦1,364 per dollar, representing only a slight change from recent trading sessions. The official rate is calculated from the volume-weighted average of transactions carried out on the market and serves as the country’s benchmark exchange rate.
Currency dealers in Lagos reported that the parallel market, also known as the black market, was trading at about ₦1,405 per dollar for buying and ₦1,415 for selling on Wednesday morning.
The difference between the official and parallel-market rates remains relatively narrow compared with the significant gaps recorded during periods of heightened volatility in 2024 and early 2025. Recent market trackers have placed street-market rates around the ₦1,410 level.
At the prevailing official rate, $100 was equivalent to approximately ₦136,400, while $1,000 exchanged for about ₦1.364 million.
On the parallel market, $100 was valued at roughly ₦141,500, while $1,000 was worth around ₦1.415 million.
Market participants attributed the naira’s recent stability to continued foreign-exchange liquidity management by the Central Bank of Nigeria and steady dollar supply through the formal market.
Analysts also pointed to moderate demand from importers as another factor helping the naira maintain its relatively narrow trading range in recent weeks.
Reuters reported that traders expect the naira to remain broadly stable in the short term, supported by the CBN’s continued presence in the foreign-exchange market and measures aimed at reducing pressure on dollar demand.
The report put recent official-market transactions around the ₦1,360 level, while street-market rates were reported to be close to ₦1,425 per dollar.
Data compiled by Proshare showed that the official market had traded largely between ₦1,362 and ₦1,370 per dollar in recent sessions, indicating continued consolidation around the ₦1,360 range.
For Nigerians tracking exchange rates for travel, school fees, imports and international transactions, the key rates to monitor today are approximately ₦1,364/$ at the official NFEM window and ₦1,415/$ at the parallel market.