Naira Holds Steady as Dollar Trades at ₦1,367 Officially, ₦1,425 on Black Market

The naira remained relatively stable against the United States dollar on Thursday, August 13, 2026, across both the official foreign exchange market and the parallel market, as traders continued to monitor dollar liquidity and demand.

Data from the Central Bank of Nigeria’s Nigerian Foreign Exchange Market (NFEM) showed the official exchange rate at about ₦1,367 to $1, while the CBN benchmark rate stood at approximately ₦1,366.73 per dollar.

In the parallel market, commonly known as the black market, currency dealers in major Lagos trading hubs quoted the dollar at around ₦1,410 for buying and ₦1,425 for selling on Thursday morning.

This means the gap between the official and parallel market rates remained at roughly ₦58 per dollar, reflecting continued demand for foreign currency outside the formal banking system.

Analysts noted that the naira has shown greater stability in recent weeks compared with the sharp volatility witnessed in late 2024 and early 2025. Official NFEM data also indicated that the exchange rate has largely remained within the ₦1,360–₦1,385 range through much of July and early August 2026.

For individuals and businesses, the official exchange rate applies to eligible transactions carried out through banks and authorised dealers, while the parallel-market rate is generally used for cash transactions outside the formal foreign exchange system.

Market participants expect the naira to remain relatively stable in the short term, with attention focused on foreign portfolio inflows, oil revenues and the Central Bank of Nigeria’s efforts to improve liquidity in the official foreign exchange market.

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