The naira traded with little movement against the United States dollar on Thursday, August 6, 2026, in the official foreign exchange market, while the parallel market continued to record a noticeably higher exchange rate.
The latest figures from the Central Bank of Nigeria (CBN) showed that the official Nigerian Foreign Exchange Market (NFEM) exchange rate stood at approximately ₦1,362.55 to one US dollar. This represents only a slight change from the previous trading session, indicating that the official market has remained relatively stable in recent days.
In contrast, activity in the parallel market, commonly known as the black market, showed the dollar selling at around ₦1,425, while buyers were offering about ₦1,410 per dollar during Thursday’s trading.
Dollar to Naira Exchange Rate Today
| Market | Buying Rate | Selling Rate |
|---|---|---|
| Official NFEM | — | ₦1,362.55/$ |
| Parallel (Black Market) | ₦1,410/$ | ₦1,425/$ |
The difference between the official exchange rate and the black market selling price remains around ₦62 per dollar. This gap reflects the continued demand for foreign exchange outside the regulated banking system.
Financial analysts say the stability seen in the official market suggests that liquidity conditions have improved in recent weeks. They also believe continued interventions by monetary authorities have helped prevent major fluctuations in the official exchange rate.
However, demand for dollars remains strong in the informal market. Importers, international travellers, tuition fee payments, medical expenses abroad and other foreign currency needs continue to push many buyers toward the parallel market, where exchange rates are typically higher.
The Central Bank of Nigeria determines the official NFEM rate using a volume-weighted average of completed foreign exchange transactions. This benchmark is used by banks and authorised dealers for legitimate foreign exchange trading across the country.
For most Nigerians, the exchange rate they receive depends on where they obtain foreign currency. Customers buying through commercial banks and authorised dealers generally use the official NFEM rate, while those purchasing from street traders or some Bureau de Change operators often pay the higher parallel market rate.
What the Dollar to Naira Exchange Rate Means
The dollar to naira exchange rate plays a major role in Nigeria’s economy because it affects the prices of imported goods, international business transactions, overseas school fees, travel costs and many other foreign currency obligations.
Businesses and individuals continue to monitor movements in the naira and dollar exchange rate closely, as even small changes can influence operating costs, consumer prices and investment decisions.
Market observers expect traders to keep watching liquidity levels, foreign exchange supply and monetary policy announcements, as these factors could determine the direction of the naira in the coming trading sessions.
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