The Nigerian naira remained relatively stable against the US dollar on Wednesday, August 19, 2026, with the currency trading around the ₦1,350-per-dollar level in the official Nigerian Foreign Exchange Market (NFEM), while the parallel market continued to trade at a significant premium.
The latest available official data from the Central Bank of Nigeria (CBN) showed the naira closing at about ₦1,350 per dollar at the NFEM on Monday, August 17, strengthening from ₦1,358.25 on Friday, August 14. The NFEM rate is calculated using the volume-weighted average of transactions in the formal foreign exchange market.
An indicative USD/NGN rate for Wednesday put the dollar at about ₦1,350.24, although such live market rates are separate from the CBN’s official NFEM fixing and can fluctuate throughout the trading day.
In the parallel market, the dollar was quoted at around ₦1,405 for buying and ₦1,415 for selling as of Tuesday, August 18, according to available market-rate data.
At the ₦1,415 selling rate, a buyer seeking $1,000 would need about ₦1.415 million. Conversely, someone selling $1,000 at the ₦1,405 buying rate would receive approximately ₦1.405 million.
The parallel-market selling rate represents a premium of about ₦65 to the dollar over the latest ₦1,350 official NFEM rate, underscoring the continued gap between Nigeria’s formal and informal foreign-exchange markets.
The naira’s relative stability in the official market comes amid improved dollar liquidity and foreign-exchange supply. Market participants are expected to monitor developments in foreign-exchange inflows, import demand, crude oil receipts, investment flows, remittances and CBN policy for further direction.
However, parallel-market rates can vary by location, dealer and transaction size and may change several times during the day. The NFEM rate, by contrast, reflects transactions conducted through the formal market.
The CBN recognises the NFEM as Nigeria’s official foreign-exchange market and advises members of the public to conduct legitimate foreign-exchange transactions through authorised channels.
