The Central Bank of Nigeria, CBN, has said the gap between the official and parallel foreign exchange markets has narrowed to below 2 percent.
CBN Governor, Dr. Olayemi Cardoso, disclosed this on Tuesday at an event in Gombe.
Cardoso, who was represented by the apex bank’s acting spokesperson, Mrs. Hakama Sidi-Ali, said the naira had continued to strengthen against the dollar across the foreign exchange markets.
“The naira continues to strengthen, with the spread between official and Bureau de Change rates now below two per cent,” he said, according to the News Agency of Nigeria.
Cardoso attributed the gains to reforms in the sector, which he said had led to a steady increase in the country’s external reserves, which stood at $51.94 billion as of August 3, 2026, according to CBN data.
DAILY POST reports that the naira appreciated against the dollar at the official market, closing at N1,362.55/$1, while the black market exchange rate stood at N1,425/$1 on Wednesday.
US Dollar to Naira Exchange rate: Official, parallel FX market gap now below 2% – CBN