The Nigerian naira opened the week on a firmer note against the United States dollar, trading at about ₦1,357.61 per dollar at the official Nigerian Foreign Exchange Market (NFEM) and around ₦1,420/$ in the parallel market.
Data from the Central Bank of Nigeria (CBN) showed that the NFEM rate stood at ₦1,357.61/$ in the latest available official market data. The rate reflects the volume-weighted average of transactions conducted in Nigeria’s official foreign exchange market.
In the parallel market, the dollar continued to trade at approximately ₦1,420, creating a spread of ₦62.39 between the two markets. Proshare reported that the naira appreciated by 59 basis points at the official market to ₦1,357.61/$, while the parallel-market rate held steady at ₦1,420/$.
The latest official rate marks an improvement from the previous week’s ₦1,365.69/$, indicating a modest strengthening of the naira. The appreciation has been attributed to improved foreign exchange liquidity and stronger dollar supply in the official market.
More recent market indicators also suggest that the naira-dollar exchange rate remained relatively stable in the early hours of Monday, August 17. One live USD/NGN rate source quoted the dollar at about ₦1,358.30, while other market indicators placed the exchange rate around the ₦1,358/$ level.
The naira’s improved performance comes amid stronger external reserves and recent measures by the CBN aimed at enhancing liquidity and efficiency in Nigeria’s foreign exchange and financial markets. Nigeria’s external reserves reportedly rose to $52.19 billion as of August 12, 2026, their highest level in 17 years.
For Nigerians buying or selling dollars outside the official market, the parallel-market rate remains higher than the NFEM rate. The persistent difference reflects continued segmentation between the two foreign exchange channels, although the spread is relatively contained compared with periods of heightened market volatility.
As trading continues on Monday, both the official NFEM rate and parallel-market quotations could shift in response to dollar supply and demand, import-related FX needs, CBN interventions and movements in global currency markets.
