The naira maintained relative stability against the United States dollar at the Nigerian Foreign Exchange Market (NFEM) on Wednesday, August 5, 2026, trading at about ₦1,362.55/$1 as the official market opened the new trading day.
Data released by the Central Bank of Nigeria (CBN) showed that the official exchange rate closed at ₦1,362.55/$1 on August 4, with the currency trading within an intraday range of ₦1,361 to ₦1,364.70. The NFEM rate, calculated using a volume-weighted average of completed transactions, remains Nigeria’s official foreign exchange benchmark.
In the parallel market, commonly known as the black market, the dollar exchanged at approximately ₦1,415/$1 on Wednesday, according to market updates from AbokiFX.
The difference between the official and parallel market rates stood at about ₦52 per dollar, reflecting stronger demand for foreign exchange in the informal market despite the continued stability recorded in the official window.
Other market trackers indicated that street traders were buying the dollar at around ₦1,410 and selling between ₦1,415 and ₦1,425, with rates varying across Lagos and other major commercial centres depending on location and transaction volume.
Market analysts noted that the naira has continued to trade within a narrow range in recent weeks, supported by sustained interventions by the Central Bank and improved liquidity in the official market. Reuters also reported that the Nigerian currency has remained relatively stable despite persistent demand for dollars from importers and other users.
Compared with earlier trading in July, the official exchange rate has remained within the ₦1,360–₦1,365 band, while the parallel market has fluctuated between ₦1,405 and ₦1,425.
For individuals and businesses carrying out dollar transactions on Wednesday, the applicable exchange rates are approximately ₦1,362.55/$1 at the NFEM and ₦1,415/$1 in the parallel market, although actual buying and selling prices may vary across banks, bureaux de change and street dealers.