The naira began the new trading week on a firmer note against the United States dollar, with the local currency quoted at about ₦1,357.61 per dollar in the official foreign exchange market.
The latest figures from the Central Bank of Nigeria show that the Nigerian Foreign Exchange Market (NFEM) rate stood at ₦1,357.61 to the dollar based on the most recent available transaction data.
The official rate is calculated using the volume-weighted average of transactions carried out in the formal foreign exchange market. This makes it an important reference point for businesses, financial institutions and other users of foreign currency in Nigeria.
Dollar-to-naira rates at a glance
| Market | Dollar Rate | Difference |
|---|---|---|
| Official NFEM | ₦1,357.61/$ | — |
| Parallel Market | About ₦1,420/$ | About ₦62.39 |
| Previous Official Rate | ₦1,365.69/$ | — |
| Live market indication | About ₦1,358.30/$ | — |
The parallel market, meanwhile, was quoting the dollar at around ₦1,420, putting it above the official rate by roughly ₦62.39.
The latest official figure also shows an improvement compared with the previous week, when the naira traded at about ₦1,365.69 to the dollar. The movement suggests some improvement in foreign exchange supply and liquidity within the official market.
Other market indicators also pointed to relative stability in the exchange rate during the early hours of Monday. One live market indication placed the dollar at around ₦1,358.30, keeping it close to the official NFEM level.
Stronger reserves support market confidence
The naira’s recent performance comes as Nigeria’s external reserves continue to strengthen.
Available reports indicate that the country’s foreign exchange reserves climbed to about $52.19 billion as of August 12, 2026. The figure was reported as the highest level recorded in about 17 years.
Higher reserves can provide greater capacity to support foreign exchange liquidity and improve confidence in the country’s ability to meet external obligations.
The Central Bank of Nigeria has also introduced measures aimed at improving the functioning of the foreign exchange market. Such measures are designed to promote better liquidity, transparency and efficiency in currency trading.
Why the parallel-market rate is higher
Despite the relatively narrow gap between the two rates, the parallel market continues to trade above the official NFEM window.
The difference is partly linked to the separate channels through which foreign exchange is accessed. Demand from individuals, businesses, importers and other users can also influence the rate available outside the formal market.
For Nigerians looking to buy or sell dollars, the actual rate offered by dealers may therefore vary depending on location, transaction size, available dollar supply and prevailing market conditions.
What could affect the rate today
The naira-dollar exchange rate could move during Monday’s trading session as demand and supply conditions change.
Factors that could influence the market include the availability of dollars, demand from importers and other businesses, foreign exchange interventions and movements in international currency markets.
For now, the official NFEM rate remains around ₦1,357.61 per dollar, while parallel-market quotations are around ₦1,420. Rates may change as trading activity develops throughout the day.
Exchange rates can change during the day. The figures above reflect the rates reported in the source material and should not be treated as a guaranteed buying or selling price.
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