The naira traded around ₦1,368 to the US dollar in the official Nigerian Foreign Exchange Market (NFEM) on Tuesday, August 11, 2026, as the Central Bank of Nigeria’s reference rate continued to hover within the ₦1,360–₦1,370 range.
Data from the CBN and FMDQ showed the NFEM rate at about ₦1,368.22 per dollar, while the broader market benchmark remained around ₦1,368.37/$, indicating little movement from the previous trading session.
At the parallel market, commonly referred to as the black market, the dollar was quoted at about ₦1,405 on Tuesday, leaving a gap of roughly ₦37 between the official and street rates.
The current spread suggests that pressure in the retail foreign exchange segment remains moderate, with the premium staying far below the wide differentials seen during periods of heightened volatility in 2024 and 2025.
The CBN maintains that the NFEM rate is determined using a volume-weighted average of transactions conducted in the official market, following the unification of Nigeria’s exchange-rate windows. FMDQ continues to publish daily market data for the Nigerian Autonomous Foreign Exchange Market (NAFEM), which serves as the benchmark for official dollar transactions.
Currency traders said demand from importers and manufacturers remained steady, while improved FX liquidity from autonomous sources helped keep the official rate relatively stable.
For individuals and businesses, the applicable exchange rate may vary slightly depending on the bank, bureau de change, transfer platform, or location of the transaction.
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