The Nigerian naira began the week on a stable note against the United States dollar, maintaining relatively steady rates across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market on Monday, August 3, 2026.
According to data released by the Central Bank of Nigeria (CBN), the official NFEM exchange rate stood at ₦1,368.22 per dollar, reflecting only slight movements from recent trading sessions. The apex bank said the official rate is based on the volume-weighted average of transactions executed in the market.
Historical data showed the naira closed at ₦1,365.12/$ on July 31 and ₦1,365.53/$ on August 1, indicating continued stability in the official foreign exchange window.
At the parallel market, also known as the black market, traders in Lagos quoted the dollar at ₦1,410 for buying and ₦1,425 for selling, leaving a gap of about ₦57 between the official and unofficial exchange rates.
The narrowing spread between both markets marks a significant improvement from the wider disparities recorded during the peak of Nigeria’s foreign exchange volatility in 2024, suggesting improved market liquidity and easing speculative activities.
Based on the current rates, $100 exchanges for about ₦136,822 at the official market and approximately ₦142,500 at the parallel market selling rate.
Market analysts say the naira’s performance in the coming weeks will largely depend on foreign exchange inflows from oil exports, diaspora remittances, portfolio investments, and the Central Bank’s liquidity management policies.
