The Nigerian naira continued its recent appreciation against the United States dollar at the official foreign exchange market, reaching a five-month high of about ₦1,338.59 per dollar on Thursday, August 27, 2026.
The latest gains place the naira among the better-performing currencies in the domestic foreign exchange market, as improved dollar liquidity and stronger external reserves continue to support the local currency.
As of Friday, August 28, the latest available market data puts the dollar at approximately ₦1,341.66. However, the final NFEM closing rate could differ depending on trading activity during the day.
Official market data showed the naira trading at ₦1,343.59 per dollar on Wednesday, August 26, before strengthening further the following day. The improvement has been attributed to increased dollar liquidity and stronger external reserves.
In the parallel market, however, the dollar continued to trade above the official rate. AbokiFX-related market reports indicated that the currency was quoted at about ₦1,400 for buying and ₦1,410 for selling on Thursday, August 27.
This means a person buying $1 in the parallel market would pay approximately ₦1,410, while someone selling $1 could receive around ₦1,400, depending on the dealer and location.
The difference between the official and parallel markets remains notable. Using the latest indicative official rate of ₦1,341.66 and a parallel-market selling rate of ₦1,410, the gap stands at roughly ₦68 per dollar.
The naira’s recent appreciation has coincided with a significant increase in Nigeria’s foreign exchange reserves. External reserves were reported to have climbed to approximately $53.34 billion, an 18-year high, while improved dollar liquidity has helped reduce pressure on the currency.
The exchange rate remains particularly important for importers, travellers, students paying overseas tuition fees and businesses with dollar-denominated obligations, as fluctuations directly affect the naira cost of international transactions.
However, the actual rate offered to customers may differ from the NFEM benchmark or parallel-market quotation. Banks, Bureau de Change operators and other authorised dealers may offer varying rates depending on the transaction, amount, location and prevailing market conditions.
Parallel-market rates are unofficial and may change several times within a day. The Central Bank of Nigeria does not recognise the parallel market as an official foreign exchange market.
As of the morning of August 28, 2026, the dollar is therefore trading at around ₦1,341.66 based on the latest indicative official-market data, while parallel-market rates remain around ₦1,400–₦1,410 per dollar.