The naira traded around ₦1,368 per US dollar at the official Nigerian Foreign Exchange Market (NFEM) on Tuesday, August 4, 2026, while the parallel market continued to price the dollar above ₦1,400.
Data from the Central Bank of Nigeria’s exchange rate portal showed the latest NFEM volume-weighted exchange rate at ₦1,368.22/$1, with the official market remaining relatively stable after trading within the ₦1,362–₦1,369 range in recent sessions.
In the parallel market, popularly known as the black market or Aboki market, traders in Lagos were buying the dollar at about ₦1,410 and selling between ₦1,415 and ₦1,425 on Tuesday morning, depending on location and transaction size. Market quotes remained clustered within that range.
This left the spread between the official and parallel market rates at roughly ₦45–₦57 per dollar, highlighting persistent retail demand for foreign exchange despite improved stability in the official market.
Market analysts say the naira has become considerably more stable in recent weeks compared with the sharp swings recorded in 2024 and early 2025. They attribute the improvement to stronger foreign exchange liquidity, tighter monetary policy, and the Central Bank of Nigeria’s ongoing reforms aimed at improving transparency and efficiency in the foreign exchange market. Recent trading data show the official exchange rate has largely held within the mid-₦1,360 range over the past several sessions.
At the prevailing rates, $100 would convert to approximately ₦136,822 at the official NFEM window, compared with about ₦141,500–₦142,500 in the parallel market.
The Central Bank of Nigeria notes that the official NFEM exchange rate is calculated as a volume-weighted average of completed foreign exchange transactions, making it the country’s official benchmark for the naira-dollar exchange rate.
