The Nigerian naira is trading relatively steadily against the United States dollar on Wednesday, August 26, 2026, with the latest rates showing a modest gap between the official Nigerian Foreign Exchange Market (NFEM) and the parallel market.
The latest available NFEM data put the dollar at about ₦1,346.34/$1 on August 26, based on the current USD/NGN exchange-rate benchmark. The Central Bank of Nigeria (CBN) explains that the NFEM rate is derived from the volume-weighted average of transactions and serves as the official exchange rate for the day.
The latest confirmed official-market figures also showed the naira closing at around ₦1,346.90 per dollar, keeping the currency close to the ₦1,347/$ level in the official market.
In the parallel market, the dollar was quoted at about ₦1,400/$1 on Wednesday, according to Aboki Forex, which tracks and regularly updates street-market rates.
At a parallel-market rate of ₦1,400/$, $100 would exchange for approximately ₦140,000, while $1,000 would be worth about ₦1.4 million.
The gap between the official NFEM rate of ₦1,346.34 and the parallel-market rate of ₦1,400 is approximately ₦53.66 per dollar.
The naira’s relative stability follows a period of improved conditions in Nigeria’s foreign-exchange market. Reuters reported last week that the currency was trading at about ₦1,345/$ in the official market, while street rates stood around ₦1,410/$, highlighting the narrowing spread between the two markets.
The CBN’s latest published data indicate that the NFEM rate is based on actual market transactions, while parallel-market rates can fluctuate throughout the day depending on dollar supply and demand, location and transaction volumes.
For Nigerians buying or selling dollars today, the actual rate offered by banks, Bureau de Change operators and other dealers may therefore differ from published market indications.
Dollar-to-naira exchange rates can also change during the trading day as liquidity and demand conditions evolve. Readers should therefore confirm the applicable rate with their bank, Bureau de Change operator or other authorised dealer before completing a transaction.
