The naira opened the new week on a relatively stable note against the United States dollar, with the latest official and parallel market rates showing a continued gap between both markets.
The Central Bank of Nigeria had not published a new Nigerian Foreign Exchange Market rate for Monday, August 24, 2026, at the time of reporting. As a result, the most recent confirmed official rate remained the figure recorded at the close of trading on Friday, August 21.
Official dollar to naira rate
The latest available NFEM data placed the naira at ₦1,346.49 per dollar, while the official closing rate stood at ₦1,346.90/$.
The official market rate improved from ₦1,347.63 recorded during the previous trading session, representing a gain of ₦1.14 for the naira against the dollar.
On a week-on-week basis, the local currency strengthened by ₦11.12, reflecting a relatively positive performance in the official foreign exchange market.
During Friday’s session, the dollar traded within a range of ₦1,342 and ₦1,348 before settling near the ₦1,347 level.
The NFEM rate is based on the volume-weighted average of transactions completed in Nigeria’s official foreign exchange market.
Parallel market dollar rate
The dollar was quoted at around ₦1,405 in the parallel market, according to the latest available market indication.
The rate remained largely unchanged from the previous trading day, suggesting limited movement in the market as the new week began.
A separate live foreign exchange benchmark also placed the dollar at approximately ₦1,348.88 on Monday morning, keeping it close to the latest official market level.
Dollar to naira rates at a glance
| Market | Dollar rate |
|---|---|
| Official NFEM | ₦1,346.49/$ |
| Official closing rate | ₦1,346.90/$ |
| Live indication | About ₦1,348.88/$ |
| Parallel market | About ₦1,405/$ |
Rates are based on the latest available market figures and may change as trading continues.
Recent naira performance
The naira ended last week with a modest improvement at the official market.
Its latest NFEM position showed a daily gain of ₦1.14 and a stronger week-on-week performance of ₦11.12 against the dollar.
The movement has coincided with improved foreign exchange liquidity and continued attention on Nigeria’s external reserve position. The country’s external reserves stood at $52.66 billion as of August 19, according to the available data.
Difference between official and parallel rates
Using the official closing rate of ₦1,346.90 and the parallel market quotation of ₦1,405, the difference between both markets stood at approximately ₦58.10 per dollar.
The gap means individuals and businesses unable to access foreign exchange through official channels may encounter higher prices depending on where and how they purchase dollars.
Actual rates can also differ based on transaction size, location, demand and the foreign exchange provider involved.
What could influence the next exchange rate?
The naira’s performance in the coming days may depend on the availability of foreign exchange, demand from importers and other businesses, foreign investment inflows, remittances and developments in Nigeria’s external sector.
Oil receipts and the country’s reserve position may also influence market confidence, while monetary and foreign exchange policies introduced by the Central Bank of Nigeria could affect trading conditions.
Why exchange rates differ
The official NFEM rate is derived from transactions carried out in the formal foreign exchange market.
Parallel market rates, however, are influenced by conditions that may vary among dealers and locations. Demand, available dollar supply and the size of a transaction can affect the rate offered to buyers or sellers.
For this reason, individuals may receive rates that differ from published market indications.
What Nigerians should know
The dollar-to-naira rate can move during the day as market conditions change.
Individuals and businesses seeking foreign currency for travel, imports, school fees, subscriptions, remittances or other transactions are advised to confirm the applicable rate with their bank or foreign exchange provider before completing a transaction.
Dollar to Naira Rate Summary — August 24, 2026
- Official NFEM rate: ₦1,346.49/$
- Official closing rate: ₦1,346.90/$
- Live market indication: About ₦1,348.88/$
- Parallel market rate: About ₦1,405/$
- Official market trend: Naira improved from the previous trading session
- Difference from parallel market: About ₦58.10 per dollar
Note: Exchange rates are subject to market movements and may vary across banks, Bureau De Change operators, locations and transaction sizes.
Submit a Press Release | Advertise With Fresh News | Contact Us
