The Nigerian naira is opening the new trading week around the ₦1,300-per-dollar mark, with the latest official Nigerian Foreign Exchange Market (NFEM) data showing a closing rate of about ₦1,337.29/$1 at the end of Friday’s session.
According to the Central Bank of Nigeria (CBN), the NFEM rate stood at ₦1,337.2873/$1 on August 28, while the reported closing rate was ₦1,337.00/$1. The official NFEM rate is calculated using the volume-weighted average of transactions conducted in the market.
The naira strengthened during the previous week, appreciating from ₦1,349.99/$1 on August 24 to ₦1,337/$1 on August 28. This represents a weekly gain of approximately 0.96 percent.
In the parallel market, the dollar was quoted at around ₦1,400 on Friday, according to market data published by AbokiFX. That was ₦7 lower than the ₦1,407/$1 rate recorded on the previous day.
The latest parallel-market rate puts the gap between the informal market and the official NFEM rate at roughly ₦63 per dollar.
Meanwhile, a live indicative USD/NGN rate available early Monday placed the dollar at around ₦1,346.78. However, this should not be confused with the official NFEM closing rate, which reflects the most recent completed trading session.
Foreign-exchange liquidity also remained relatively strong. NFEM turnover reached $1.06 billion in a single trading session last week, while Nigeria’s foreign-exchange reserves continued to provide support for the naira.
As of Monday, August 31, 2026, the latest official NFEM closing rate puts the dollar at approximately ₦1,337/$1, while the parallel-market rate is around ₦1,400/$1. Rates could change during the day as trading resumes and market conditions shift in response to changes in dollar demand and supply.
It is important to note that rates offered by commercial banks, Bureau de Change (BDC) operators and other foreign-exchange dealers may differ from both the published NFEM and parallel-market reference rates. Differences can arise from transaction margins, liquidity conditions and other market factors.
