The Nigerian naira continued to trade relatively firmly against the United States dollar on Tuesday, August 18, 2026, following its recent appreciation at 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.
For Tuesday morning, a live USD/NGN rate source put the dollar at approximately ₦1,352.22, indicating that the naira remained around the ₦1,350/$ level in early trading.
In the parallel market, the dollar was quoted at about ₦1,407 for buying and ₦1,420 for selling, according to the latest available Bureau De Change market rates. This means customers seeking to buy $1,000 would need about ₦1.42 million, while those selling $1,000 could receive approximately ₦1.407 million.
The parallel-market selling rate of ₦1,420 is about ₦70 above the latest ₦1,350 official NFEM rate, leaving a gap of roughly 5.2 per cent between the two markets.
The naira’s recent improvement at the official market has been linked to better foreign exchange liquidity and stronger dollar supply. The latest official data also point to continued stability in the currency market after the naira moved from ₦1,365.69/$ in the previous week to ₦1,357.61/$ on August 17 before the subsequent strengthening to around ₦1,350/$ reported by market trackers.
Market participants will continue to monitor dollar supply, demand from importers and other businesses, crude oil receipts, foreign investment inflows, diaspora remittances and Central Bank of Nigeria policies for indications of the naira’s next direction.
It is important to note that parallel-market rates can vary by location, transaction size and dealer, while the official NFEM rate is the volume-weighted average derived from transactions in Nigeria’s formal foreign exchange market.
Rates may change during the day as market conditions evolve.
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