The naira remained relatively strong against the US dollar on Tuesday, August 18, 2026, after recording further gains in the official foreign exchange market.
The latest figures showed that the Nigerian currency had continued its recent recovery, although the dollar remained more expensive in the parallel market.
Official dollar to naira rate
Trading data showed that the naira closed at approximately ₦1,350 per dollar at the Nigerian Foreign Exchange Market (NFEM) on Monday, August 17.
This was an improvement from the ₦1,358.25/$ recorded on Friday, August 14. The movement represented a gain of ₦8.25, or about 0.6 per cent.
The latest official closing rate was also the strongest level recorded by the naira since April 22, 2026.
Early trading on Tuesday kept the exchange rate close to the same level, with one live market source putting the dollar at about ₦1,352.22.
Parallel market dollar rate
The situation was different in the parallel market, where the dollar was being bought for about ₦1,407 and sold for around ₦1,420.
This means that someone buying $1,000 at the reported selling rate would need approximately ₦1.42 million.
By comparison, a person selling $1,000 at the reported buying rate could receive about ₦1.407 million.
Dollar to naira rates at a glance
| Market | Dollar buying rate | Dollar selling rate |
|---|---|---|
| Official NFEM | — | ₦1,350/$ |
| Parallel market | ₦1,407/$ | ₦1,420/$ |
| Early Tuesday indication | — | About ₦1,352.22/$ |
Rates are based on the latest available figures and may change as trading continues.
Difference between official and parallel rates
The reported parallel-market selling rate of ₦1,420 was ₦70 higher than the official NFEM rate of ₦1,350.
This represents a difference of roughly 5.2 per cent between the two markets.
The gap shows that Nigerians who need dollars outside the formal market may still pay considerably more than the official rate.
What is supporting the naira?
Recent gains by the naira in the official market have been linked to improved foreign exchange liquidity and stronger dollar supply.
The currency had previously traded around ₦1,365.69/$ before moving to ₦1,357.61/$ and later reaching the ₦1,350 level reported in the latest market data.
Improved availability of foreign currency can reduce pressure on the naira when demand for dollars remains manageable.
Factors that could determine the next exchange rate
The direction of the naira will depend on several factors in the coming days.
These include the amount of dollars available in the market, demand from importers and other businesses, crude oil earnings, foreign investment inflows and remittances from Nigerians living abroad.
Policies and interventions by the Central Bank of Nigeria will also remain important to the currency market.
Why exchange rates differ
The official NFEM rate is derived from transactions in Nigeria’s formal foreign exchange market and reflects a volume-weighted average.
Parallel-market prices work differently. Rates can vary from one location or dealer to another and may also depend on the amount of dollars being exchanged.
For this reason, the figures quoted by individual dealers may not always be exactly the same.
What Nigerians should know
Exchange rates are not fixed throughout the day. Changes in dollar supply, demand and other market conditions can cause prices to move.
Anyone planning a foreign exchange transaction should therefore confirm the current rate before completing the transaction.
Dollar to Naira Rate Summary — August 18, 2026
- Official NFEM rate: About ₦1,350/$
- Parallel market buying rate: About ₦1,407/$
- Parallel market selling rate: About ₦1,420/$
- Early Tuesday indication: About ₦1,352.22/$
- Official market movement: Naira strengthened compared with the previous reported close
Note: Exchange rates can change during the day and may differ across banks, Bureau De Change operators and other foreign exchange dealers.
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