The naira began the week on a steady note against the United States dollar, maintaining relative stability at both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market on Monday, August 3, 2026.
Data from the Central Bank of Nigeria (CBN) showed the naira trading at around ₦1,368 to the dollar in the official market, with the latest available closing rate at ₦1,368.22/$ as of August 2. The apex bank said the NFEM rate is calculated using the volume-weighted average of transactions executed in the market.
The local currency has traded within a narrow range in recent sessions, reflecting relative stability in the official foreign exchange window. Historical NFEM data show the dollar closed at ₦1,365.12 on July 31 and ₦1,365.53 on August 1, indicating only marginal day-to-day movements.
At the parallel market, also known as the black market, traders in Lagos quoted the dollar at about ₦1,410 for buying and ₦1,425 for selling, according to the latest market checks. This leaves the gap between the official and parallel market rates at approximately ₦57 per dollar.
The premium between both markets has narrowed significantly compared with the wider disparities recorded during the peak of Nigeria’s foreign exchange volatility in 2024, a trend analysts attribute to improved liquidity and easing speculative demand.
Based on the prevailing exchange rates, $100 would exchange for about ₦136,800 at the official NFEM window and approximately ₦142,500 at the parallel market selling rate, depending on the transaction channel.
Analysts expect the naira’s short-term performance to remain closely tied to foreign exchange inflows from crude oil exports, portfolio investments, diaspora remittances, and the Central Bank’s liquidity management measures in the official market.
