The Nigerian naira opened the week relatively strong against the United States dollar, with the local currency trading around N1,357.61 per dollar at the official Nigerian Foreign Exchange Market (NFEM) window and about N1,420 per dollar at the parallel market.
Data from the Central Bank of Nigeria (CBN) showed that the NFEM rate stood at N1,357.61 per US dollar as of the latest available official market data. The rate is based on the volume-weighted average of transactions in the official foreign exchange market.
The parallel market, meanwhile, continued to quote the dollar at around N1,420, leaving a gap of approximately N62.39 between the two markets. Proshare reported that the naira had appreciated by 59 basis points at the official market to N1,357.61/$, while the parallel-market rate remained at N1,420/$.
The latest official rate represents an improvement for the naira compared with the previous week’s N1,365.69 per dollar. The appreciation has been linked to improved foreign exchange liquidity and supply conditions in the official market.
More recent market indicators also point to continued stability in the naira-dollar exchange rate. A live USD/NGN rate source put the dollar at about N1,358.30 as of the early hours of August 17, while other market data placed the currency around the N1,358 level.
The naira’s performance comes amid stronger external reserves and recent changes by the CBN aimed at improving liquidity and efficiency in Nigeria’s financial markets. Nigeria’s external reserves rose to $52.19 billion as of August 12, 2026, their highest level in 17 years, according to recent reports.
For Nigerians buying or selling dollars outside the official market, the parallel-market rate remains higher than the NFEM rate. The difference reflects continued segmentation between the two foreign exchange channels, although the spread remains relatively contained compared with periods of severe market volatility.
As trading progresses on Monday, August 17, the official NFEM rate and parallel-market quotations could change depending on dollar supply, demand from importers and other FX users, CBN interventions and broader global currency movements.
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