The naira traded largely steady against the United States dollar in the official foreign exchange market on Thursday, August 6, 2026, although a significant gap remained between the Nigerian Foreign Exchange Market (NFEM) and the parallel market.
Data from the Central Bank of Nigeria (CBN) showed the naira exchanged at ₦1,362.55/$ in the official market, compared with ₦1,364.83/$ recorded earlier this week. The figures indicate the local currency has continued to trade within the ₦1,360/$ range in recent sessions.
In the parallel market, commonly known as the black market, the dollar was bought at about ₦1,410 and sold for around ₦1,425 on Thursday, according to Bureau de Change quotations and market trackers.
The difference between the official NFEM rate and the parallel market selling rate stood at approximately ₦62 per dollar, underscoring the persistent premium paid by individuals and businesses unable to access foreign exchange through official channels.
Analysts attributed the naira’s relative stability in the official market to improved liquidity and continued policy support from the CBN. However, sustained demand from importers, travellers and other retail users has continued to keep parallel market rates elevated.
The CBN calculates the official NFEM exchange rate using the volume-weighted average of completed transactions in the regulated foreign exchange market, making it the benchmark rate for authorised dealers and financial institutions.
While banks and licensed foreign exchange dealers transact at the official NFEM rate, individuals purchasing dollars through informal channels or some Bureau de Change operators typically pay the higher parallel market rate.
