The Nigerian naira continued to trade relatively steadily against the United States dollar on Wednesday, August 26, 2026, with a moderate difference between the official Nigerian Foreign Exchange Market (NFEM) and the parallel market.
The latest available NFEM figures put the exchange rate at approximately ₦1,346.34/$1 on August 26, based on the current USD/NGN exchange-rate benchmark. The Central Bank of Nigeria (CBN) states that the NFEM rate is calculated using the volume-weighted average of transactions and serves as the official exchange rate.
The most recent confirmed official-market figures also showed the naira closing at about ₦1,346.90 per dollar, keeping the currency around the ₦1,347/$ level in the official market.
Meanwhile, the dollar was trading at approximately ₦1,400/$1 in the parallel market on Wednesday, according to Aboki Forex, which regularly tracks and updates street-market exchange rates.
At a parallel-market rate of ₦1,400/$, $100 would be exchanged for approximately ₦140,000, while $1,000 would be worth about ₦1.4 million.
The gap between the NFEM rate of approximately ₦1,346.34 and the parallel-market rate of ₦1,400 stands at about ₦53.66 per dollar.
The naira’s recent stability comes amid improved conditions in the country’s foreign exchange market. Reuters reported last week that the currency was trading at around ₦1,345/$ in the official market, while parallel-market rates stood at approximately ₦1,410/$, indicating a narrowing difference between both markets.
The CBN’s latest published data indicate that the NFEM rate is determined by actual market transactions, while parallel-market rates can change throughout the day depending on dollar supply, demand, location and transaction volumes.
For Nigerians buying or selling dollars, the actual rate offered by banks, Bureau de Change operators and other foreign exchange dealers may differ from the published market rates.
Dollar-to-naira rates may also change during the trading day as market liquidity and demand conditions shift.