The naira remained relatively stable against the United States dollar on Wednesday, August 26, 2026, although a difference persisted between the official foreign exchange market and the parallel market.
Latest data from the Nigerian Foreign Exchange Market (NFEM) put the dollar at approximately ₦1,346.34/$1 on Wednesday. The Central Bank of Nigeria (CBN) says the NFEM rate is calculated using the volume-weighted average of transactions and serves as the official exchange rate for the day.
The latest confirmed official-market figures also showed the naira closing at about ₦1,346.90 to the dollar, keeping the currency around the ₦1,347/$ mark.
Meanwhile, the dollar was quoted at approximately ₦1,400/$1 in the parallel market on Wednesday, according to Aboki Forex.
At the parallel-market rate, $100 would be exchanged for about ₦140,000, while $1,000 would be worth roughly ₦1.4 million.
The gap between the NFEM rate of ₦1,346.34 and the parallel-market rate of ₦1,400 stands at approximately ₦53.66 per dollar.
The naira’s relative stability comes amid improved conditions in the foreign exchange market. Reuters reported last week that the currency was trading around ₦1,345/$ in the official market, while the parallel-market rate stood near ₦1,410/$, suggesting that the difference between the two markets has been narrowing.
The CBN’s published data indicate that NFEM rates are determined by actual market transactions, while parallel-market prices can change during the day based on factors such as dollar supply, demand, location and transaction volumes.
As a result, Nigerians buying or selling foreign currency may receive rates that differ from the published figures, depending on whether they deal with banks, Bureau de Change operators or other authorised dealers.
Exchange rates may also continue to fluctuate during the trading day as liquidity and demand conditions change.
