By By Elizabeth Ugbo
The Nigerian naira remained relatively firm against the US dollar on Wednesday, August 19, 2026. The currency traded around N1,350 per dollar at the official Nigerian Foreign Exchange Market (NFEM). Meanwhile, the parallel market sold the dollar at about N1,415. The naira’s performance reflects improved dollar liquidity and supply in the formal market. However, traders and businesses continue to monitor CBN policies, foreign inflows and demand.
Naira Exchange Rate Today
Latest official data from the Central Bank of Nigeria (CBN) showed further naira gains. The NFEM rate stood at about N1,350 per dollar on Monday, August 17.
The currency strengthened from N1,358.25 recorded on Friday, August 14. The NFEM rate comes from the volume-weighted average of formal market transactions.
For Wednesday, a live USD/NGN rate source indicated an indicative rate of about N1,350.24. However, that figure differs from the official NFEM fixing.
Dollar Rate in Parallel Market
Meanwhile, the parallel market maintained a wider gap against the official rate.
Available black-market data showed the dollar at about N1,405 for buying. Dealers quoted around N1,415 for selling on Tuesday, August 18.
Therefore, someone buying $1,000 would need about N1.415 million. Conversely, someone selling $1,000 could receive approximately N1.405 million.
Naira-Dollar Rate Gap
The N1,415 parallel-market selling rate stands about N65 above the N1,350 NFEM rate.
This difference highlights the continuing gap between Nigeria’s formal and informal currency markets. Nevertheless, improved dollar supply has supported recent naira gains at the official market.
Market participants will therefore watch several factors for further direction. These include foreign exchange inflows, import demand and crude oil receipts.
They will also monitor investment flows, remittances and Central Bank of Nigeria policies.
CBN Position on Parallel Market
The CBN does not recognise the parallel market as an official foreign exchange market. Instead, the apex bank advises Nigerians to use authorised foreign exchange channels.
However, parallel-market rates can vary throughout the day. Location, dealer activity and transaction size can also influence the quoted rate.
Consequently, buyers and sellers should confirm current rates before completing transactions.
Outlook for the Naira
The naira’s recent performance suggests improved conditions in the formal foreign exchange market. Still, market pressures could influence future movements.
Therefore, traders will continue watching dollar liquidity and demand closely. Developments in oil receipts and foreign investment could also affect the exchange rate.
For now, the naira remains around the N1,350 level at the official market. The parallel market, however, continues to trade at a premium.
