The naira maintained relative stability against the United States dollar across both the official and parallel foreign exchange markets on Friday, August 7, 2026, as traders continued to monitor liquidity levels and demand trends.
At the Nigerian Foreign Exchange Market (NFEM), the official exchange rate was recorded at approximately ₦1,368.22 per dollar, based on figures from the Central Bank of Nigeria and market data platforms. The rate reflects the volume-weighted average of completed transactions in the official market.
Recent CBN exchange-rate data also indicates that the official market has remained within the ₦1,36x range in recent trading sessions, pointing to limited fluctuations in formal foreign exchange transactions.
In the parallel market, popularly known as the black market, the dollar exchanged at about ₦1,405 on Friday, representing a difference of roughly ₦37 compared with the official NFEM rate.
The gap between the official and parallel markets has narrowed significantly compared with the large disparities recorded in 2024 and parts of 2025, suggesting improved alignment following continued foreign exchange reforms.
Currency traders attributed the parallel market rate to sustained demand from importers, travellers and retail users, while increased supply from exporters and other autonomous sources helped support stability in the official market.
Analysts said factors such as movements in Nigeria’s foreign reserves, foreign portfolio investments and crude oil earnings would continue to influence the naira’s performance in the coming weeks.
For individuals seeking smaller amounts of foreign currency, the parallel market may provide faster access to cash dollars, while businesses with the required documentation are expected to obtain foreign exchange through official banking channels and the NFEM.