The naira maintained a relatively firm position against the US dollar on Wednesday, August 26, 2026, as the latest market figures showed the official exchange rate remaining close to ₦1,347/$ while the parallel market quoted the dollar at about ₦1,400.
Official market update
The latest Nigerian Foreign Exchange Market (NFEM) figure available for Wednesday valued the dollar at approximately ₦1,346.34.
The most recently confirmed official closing rate was around ₦1,346.90 per dollar, indicating limited movement around the ₦1,347/$ level.
The Central Bank of Nigeria (CBN) says the NFEM rate is produced from the volume-weighted average of transactions executed in the formal foreign exchange market.
Parallel market
Dollar buyers outside the official market were paying about ₦1,400 per dollar on Wednesday, according to Aboki Forex.
That quotation puts the street-market dollar about ₦53.66 above the NFEM benchmark and roughly ₦53.10 higher than the latest official closing rate.
At ₦1,400/$, the cost of common dollar amounts would be:
| Dollar amount | At ₦1,400/$ |
|---|---|
| $100 | ₦140,000 |
| $500 | ₦700,000 |
| $1,000 | ₦1,400,000 |
However, the actual amount charged may vary depending on the dealer, location, available dollar supply and transaction size.
Naira shows signs of stability
The latest quotations come after a period in which the difference between Nigeria’s official and parallel foreign exchange markets has become less pronounced.
Reuters reported last week that the dollar was trading at approximately ₦1,345 in the official market, while the parallel-market rate stood around ₦1,410.
The more recent figures suggest that the spread between the two markets has continued to narrow, although the parallel market remains above the official rate.
Understanding the NFEM rate
The official NFEM figure is linked to transactions completed within Nigeria’s formal foreign exchange market.
Parallel-market quotations are determined differently and can respond quickly to changes in demand, dollar availability and trading conditions.
This means the rate reported by market trackers may not be the exact price offered to every customer.
Why the rate may differ
Banks, Bureau De Change operators and other foreign exchange dealers may quote different prices at any given time.
Factors such as the amount of dollars being purchased, the dealer’s available liquidity and the location of the transaction can influence the final exchange rate.
The naira-dollar rate can also move during the day as market participants respond to changing supply and demand.
What this means for Nigerians
Individuals and businesses planning to buy or sell dollars should confirm the current quotation before carrying out a transaction.
This is particularly important for Nigerians needing foreign currency for international travel, school fees, imports, subscriptions, remittances and other overseas payments.
The published figures provide a useful market guide, but they should not be treated as guaranteed rates for every transaction.
Dollar to naira rate today — August 26, 2026
| Market indicator | Rate |
|---|---|
| NFEM rate | ₦1,346.34/$ |
| Official closing rate | ₦1,346.90/$ |
| Parallel-market rate | About ₦1,400/$ |
| NFEM vs parallel-market difference | ₦53.66/$ |
| Official close vs parallel-market difference | ₦53.10/$ |
| $100 at parallel rate | ₦140,000 |
| $1,000 at parallel rate | ₦1.4 million |
Note: Exchange rates are subject to change during the trading day. Actual rates may vary between banks, Bureau De Change operators, dealers, locations and transaction sizes.
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