The Nigerian naira continued to trade relatively firmly against the United States dollar on Tuesday, August 18, 2026, following its recent appreciation in the official Nigerian Foreign Exchange Market (NFEM) and relative stability in the parallel market.
The latest available official data showed the naira closing at about ₦1,350 per dollar at the NFEM on Monday, August 17, strengthening from ₦1,358.25/$ recorded on Friday, August 14.
According to data published by the Central Bank of Nigeria (CBN), the August 17 NFEM rate represented an appreciation of ₦8.25, or about 0.6 per cent, and marked the naira’s strongest closing level since April 22, 2026.
In early trading on Tuesday, a live USD/NGN rate source quoted the dollar at approximately ₦1,352.22, suggesting that the naira was holding around the ₦1,350/$ level.
In the parallel market, the dollar was quoted at about ₦1,407 for buying and ₦1,420 for selling, based on the latest available Bureau De Change rates. At the selling rate, a customer looking to purchase $1,000 would need approximately ₦1.42 million, while someone selling $1,000 could receive about ₦1.407 million.
The parallel-market selling rate of ₦1,420 was approximately ₦70, or 5.2 per cent, above the latest official NFEM rate of ₦1,350.
The naira’s recent gains in the official market have been attributed to improved foreign-exchange liquidity and stronger dollar supply. Recent official data also indicate continued currency-market stability, with the naira moving from ₦1,365.69/$ in the previous week to ₦1,357.61/$ on August 17 before strengthening further to around ₦1,350/$, according to market trackers.
Market participants will continue to watch key factors including dollar supply, demand from importers and other businesses, crude-oil receipts, foreign investment inflows, diaspora remittances and Central Bank of Nigeria policies for clues about the naira’s next direction.
It is worth noting that parallel-market rates can vary depending on location, transaction size and dealer, while the official NFEM rate is the volume-weighted average of transactions conducted in Nigeria’s formal foreign-exchange market.
Exchange rates can change throughout the day as market conditions evolve.
