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/$1 on August 26, according to the current USD/NGN exchange-rate benchmark. The Central Bank of Nigeria (CBN) explains that the NFEM rate is derived from the volume-weighted average of transactions and serves as the official exchange rate for the day.
The latest confirmed official-market figures also showed the naira closing at around ₦1,346.90 per dollar, indicating that the currency has remained close to the ₦1,347/$ level in the official market.
In the parallel market, the dollar was quoted at about ₦1,400/$1 on Wednesday, according to Aboki Forex, which tracks street-market rates and updates its quotations regularly.
At the parallel-market rate of ₦1,400/$, $100 would exchange for approximately ₦140,000, while $1,000 would be worth about ₦1.4 million.
The difference between the official NFEM rate of about ₦1,346.34 and the parallel-market rate of ₦1,400 is approximately ₦53.66 per dollar.
The naira’s recent stability follows a period of improved conditions in Nigeria’s foreign exchange market. Reuters reported last week that the currency was trading at about ₦1,345/$ in the official market, while street rates were around ₦1,410/$, highlighting the narrowing gap between the two markets.
The CBN’s latest published data show that the NFEM rate is based on actual market transactions, while rates in the parallel market can fluctuate during the day depending on dollar supply, demand, location and the volume of transactions.
For Nigerians buying or selling dollars today, the actual rate offered by banks, Bureau de Change operators and other dealers may therefore differ from the published market indications.
Dollar to naira exchange rates can also change throughout the trading day as liquidity and demand conditions evolve.
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