By By Elizabeth Ugbo
The naira traded at ₦1,368.22 against the United States dollar on Tuesday, August 4, 2026, at the official Nigerian Foreign Exchange Market (NFEM), while the parallel market sold the dollar above ₦1,400 across Lagos. The exchange rate remained stable in the official market due to improved foreign exchange liquidity and ongoing Central Bank of Nigeria (CBN) reforms. However, retail demand for dollars continued to keep black market rates significantly higher.
Official Naira Exchange Rate Remains Stable
Data from the Central Bank of Nigeria’s exchange rate portal showed the latest NFEM volume-weighted rate at approximately ₦1,368.22 per dollar.
The official market has traded within the ₦1,362 to ₦1,369 range over recent sessions. Consequently, the naira has maintained relative stability despite continued pressure in the foreign exchange market.
The CBN calculates the NFEM rate using a volume-weighted average of completed transactions. As a result, it serves as Nigeria’s official foreign exchange benchmark.
Black Market Dollar Trades Above ₦1,400
Meanwhile, the parallel market, popularly called the Aboki market, quoted the dollar at higher rates.
Currency traders in Lagos bought the dollar for around ₦1,410. They sold it between ₦1,415 and ₦1,425, depending on location and transaction volume.
Market trackers also reported that most quotes clustered within the same range during Tuesday’s trading.
Gap Between Official and Parallel Market Persists
The difference between the official and parallel market rates remained between ₦45 and ₦57 per dollar.
This spread indicates that retail demand for foreign exchange continues to exceed available supply. Although the official market has stabilized, many individuals and businesses still rely on the parallel market to meet their foreign currency needs.
Analysts Attribute Stability to CBN Reforms
Financial analysts said the naira has shown greater stability in recent weeks than during the sharp fluctuations recorded in 2024 and early 2025.
They attributed the improvement to stronger foreign exchange liquidity, tighter monetary policies, and continued CBN reforms designed to improve transparency and efficiency in the FX market.
Moreover, recent trading data show the official exchange rate has consistently hovered around the mid-₦1,360 range.
Dollar Conversion Rates Today
Based on Tuesday’s official NFEM rate:
- $100 = approximately ₦136,822 at the official market.
- $100 = between ₦141,500 and ₦142,500 in the parallel market.
The significant difference highlights the continued premium paid by buyers in the informal foreign exchange market.
