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    The Nigerian naira remained largely stable against the United States dollar at the official Nigerian Foreign Exchange Market (NFEM), trading around ₦1,368/$1 on Tuesday, August 4, 2026.

    Meanwhile, the dollar continued to sell above ₦1,400 in the parallel market.

    According to data published by the Central Bank of Nigeria (CBN), the latest volume-weighted exchange rate at the official market stood at ₦1,368.22 per dollar.

    The local currency has maintained a relatively steady performance in recent trading sessions, fluctuating within the ₦1,362 to ₦1,369 range.

    Parallel market keeps dollar above ₦1,400

    In the parallel market, also known as the black market, currency traders in Lagos bought the US dollar for about ₦1,410, while selling prices ranged between ₦1,415 and ₦1,425, depending on the location and size of the transaction.

    Market checks showed that most exchange rates remained within this range on Tuesday morning.

    The difference between the official and parallel market rates stood at approximately ₦45 to ₦57 per dollar.

    This reflects the continued pressure on foreign currency demand in the retail market despite improved stability at the official window.

    Naira maintains stable outlook

    Financial analysts said the naira has recorded a more stable performance in recent weeks compared with the sharp fluctuations experienced in 2024 and the early months of 2025.

    They attributed the improvement to better foreign exchange liquidity, tighter monetary policies, and ongoing reforms by the Central Bank aimed at increasing transparency in the foreign exchange market.

    Recent trading data also indicate that the official exchange rate has remained within the mid-₦1,360 range over the past few sessions, signalling a period of relative stability.

    Based on Tuesday’s exchange rates, $100 was worth about ₦136,822 at the official NFEM window, while the same amount exchanged for approximately ₦141,500 to ₦142,500 in the parallel market.

    The Central Bank of Nigeria stated that the official NFEM exchange rate is calculated using the volume-weighted average of completed foreign exchange transactions, making it the country’s official benchmark for the value of the naira against foreign currencies.

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