The Nigerian naira is beginning the new trading week at around the ₦1,300-per-dollar mark, with the latest official Nigerian Foreign Exchange Market (NFEM) data putting the currency at about ₦1,337.29 to the dollar at the close of Friday’s trading session.
According to data from the Central Bank of Nigeria (CBN), the NFEM rate stood at ₦1,337.2873/$1 on August 28, while the closing rate was ₦1,337.00/$1. The official NFEM rate is determined using a volume-weighted average of transactions conducted in the market.
The naira recorded a modest appreciation over the previous week, strengthening from ₦1,349.99/$1 on August 24 to ₦1,337/$1 on August 28, representing an improvement of approximately 0.96 per cent.
In the parallel market, the dollar was trading at around ₦1,400 on Friday, according to market data published by AbokiFX. This represented a decline of ₦7 from the ₦1,407/$1 recorded a day earlier.
The difference between the parallel-market rate and the official NFEM rate currently stands at roughly ₦63 per dollar.
Meanwhile, an indicative live USD/NGN rate available early Monday puts the dollar at approximately ₦1,346.78. However, this figure should not be mistaken for the official NFEM closing rate, which reflects the most recently completed trading session.
Foreign exchange liquidity also remained relatively strong, with NFEM turnover reaching $1.06 billion in a trading session last week. Nigeria’s foreign reserves also continued to provide support for the naira.
As of Monday, August 31, 2026, the latest official NFEM closing rate is therefore around ₦1,337/$1, while the parallel-market rate is approximately ₦1,400/$1.
However, exchange rates can change during the day as market activity resumes and demand and supply conditions fluctuate. Rates offered by banks, Bureau de Change operators and other dealers may also differ from the published NFEM and parallel-market figures because of transaction margins and prevailing market conditions.