The naira traded around ₦1,362.55 per dollar at the Nigerian Foreign Exchange Market (NFEM) as the official market remained relatively stable at the start of the new trading day.
Data published by the Central Bank of Nigeria showed that the official exchange rate closed at ₦1,362.55/$1 on August 4, with intraday trading ranging between ₦1,361 and ₦1,364.70. The NFEM rate is calculated using a volume-weighted average and serves as the country’s official benchmark.
In the parallel market, commonly referred to as the black market, the dollar was quoted at about ₦1,415/$1 on Wednesday, according to AbokiFX market updates.
The gap between the official and parallel market rates therefore stood at roughly ₦52 per dollar, indicating that demand for foreign currency in the informal market remains stronger than supply despite the relative calm in the official window.
Other street-market trackers showed dealers buying dollars around ₦1,410 and selling near ₦1,425, suggesting that rates may vary across Lagos and other major trading hubs depending on transaction size and location.
Market analysts said the naira has remained broadly range-bound in recent sessions, supported by continued central bank interventions and improved liquidity in the official market. Reuters reported that Nigeria’s currency has been trading within a relatively narrow band even as demand from importers and other dollar users persists.
Compared with levels seen earlier in July, the official exchange rate has held close to the ₦1,360–₦1,365 range, while the parallel market has fluctuated around ₦1,405–₦1,425.
For individuals and businesses making dollar transactions today, the applicable rates are approximately ₦1,362.55/$1 at the NFEM and ₦1,415/$1 in the parallel market, with actual buy and sell prices differing slightly among banks, bureaux de change, and street dealers.
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