The Nigerian naira remained relatively firm against the United States dollar on Wednesday, August 19, 2026, with the currency trading around the N1,350 per dollar level at the official Nigerian Foreign Exchange Market (NFEM), while the parallel market maintained a wider spread.
The latest available official data from the Central Bank of Nigeria (CBN) showed the naira closing at about N1,350 per dollar at the NFEM on Monday, August 17, 2026, strengthening from N1,358.25 recorded on Friday, August 14. The NFEM rate is derived from the volume-weighted average of transactions in the formal foreign exchange market.
For Wednesday, a live USD/NGN rate source indicated an indicative rate of about N1,350.24 to the dollar, although this is separate from the official NFEM fixing and can fluctuate during the day.
In the parallel market, the dollar was quoted at about N1,405 for buying and N1,415 for selling as of Tuesday, August 18, according to available black-market market-rate data.
This means buyers seeking $1,000 in the parallel market would need approximately N1.415 million at the N1,415 selling rate, while those selling $1,000 could receive about N1.405 million at the N1,405 buying rate.
The parallel-market selling rate of N1,415 represents a gap of roughly N65 above the latest N1,350 official NFEM rate, highlighting the continued difference between Nigeria’s formal and informal foreign exchange markets.
The naira’s recent improvement at the official market has come amid relatively improved dollar liquidity and supply. Market participants are expected to continue watching foreign-exchange inflows, import demand, crude oil receipts, investment flows, remittances and Central Bank of Nigeria policies for further direction.
It is important to note that parallel-market rates can vary depending on location, dealer and transaction size, while the NFEM rate reflects transactions in the formal market. Rates may also change during the day as market conditions evolve.
The CBN does not recognise the parallel market as an official foreign exchange market and advises members of the public seeking foreign exchange to use authorised channels.
