The Nigerian naira traded largely stable against the United States dollar at the official Nigerian Foreign Exchange Market (NFEM) on Wednesday, August 5, 2026, while the parallel market continued to command a higher exchange rate amid sustained demand for foreign currency.
Latest data released by the Central Bank of Nigeria (CBN) showed the official exchange rate closing at ₦1,362.55/$1 on August 4. During the trading session, the dollar traded between ₦1,361.00/$1 and ₦1,364.70/$1, indicating limited volatility. The official rate remains the benchmark for foreign exchange transactions and is derived from the volume-weighted average of completed trades.
Summary: Dollar to Naira Exchange Rate Comparison
| Market Window | Buying Rate | Selling / Spot Rate | Market Premium (Spread) |
|---|---|---|---|
| Official NFEM (CBN) | ₦1,361.00/$ | ₦1,362.55/$ | Baseline |
| Parallel Market | ₦1,410.00/$ | ₦1,415.00/$ | ~₦52.45 per dollar |
Note: The official NFEM rate is calculated using the volume-weighted average of completed foreign exchange transactions in the official market.
Practical Conversion Table: USD to NGN Breakdown
The table below provides estimated conversions using today’s prevailing exchange rates.
| Amount (USD) | Official NFEM Value (₦1,362.55/$) | Parallel Market Value (₦1,415.00/$) | Difference |
|---|---|---|---|
| $10 | ₦13,625.50 | ₦14,150.00 | ₦524.50 |
| $50 | ₦68,127.50 | ₦70,750.00 | ₦2,622.50 |
| $100 | ₦136,255.00 | ₦141,500.00 | ₦5,245.00 |
| $500 | ₦681,275.00 | ₦707,500.00 | ₦26,225.00 |
| $1,000 | ₦1,362,550.00 | ₦1,415,000.00 | ₦52,450.00 |
Recent Exchange Rate Performance
The naira has continued to trade within a relatively narrow range in the official market in recent sessions, reflecting improved liquidity and sustained interventions by the Central Bank of Nigeria.
Compared with levels recorded earlier in July, the official exchange rate has remained largely within the ₦1,360–₦1,365/$1 band, while the parallel market has fluctuated between ₦1,405 and ₦1,425 per dollar.
Currency traders in the informal market quoted the dollar at about ₦1,410 for buying and around ₦1,415 to ₦1,425 for selling, depending on transaction size and location.
Why the Official and Parallel Market Rates Differ
Despite improved stability in the official market, the parallel market continues to trade at a premium due to stronger demand for dollars outside formal channels.
Key factors influencing the exchange rate include:
- Continued foreign exchange interventions by the Central Bank of Nigeria.
- Improved liquidity within the official foreign exchange market.
- Persistent demand for dollars from importers, travellers and businesses.
- Exchange rate variations across bureaux de change and informal currency dealers.
Outlook for the Naira
Market analysts expect the naira to remain relatively stable in the short term if foreign exchange liquidity continues to improve and monetary authorities sustain current policy measures.
Investors and businesses will also be watching developments in crude oil earnings, foreign portfolio inflows, diaspora remittances and the Central Bank’s foreign exchange management policies, all of which are expected to influence the direction of the naira in the coming weeks.
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