The Nigerian naira maintained a relatively strong position against the US dollar on Thursday, August 27, 2026, trading at about ₦1,345.94 per dollar in the Nigerian Foreign Exchange Market (NFEM).
The latest live exchange-rate data showed that the local currency remained around the ₦1,300 level despite continued demand for foreign exchange.
The naira’s position in the official market contrasts with higher dollar quotations recorded by Bureau De Change operators in the parallel market.
Parallel market records higher dollar prices
The dollar traded around ₦1,405 in the parallel market on Wednesday, August 26, according to BusinessDay.
A separate market update placed the Lagos buying rate at ₦1,398 and the selling rate at ₦1,407.
The rates, attributed to Bureau De Change operators, highlight the continuing difference between official and unofficial foreign-exchange markets.
At ₦1,345.94 per dollar, the NFEM rate was about ₦61.06 lower than the Lagos parallel-market selling rate of ₦1,407.
Reserves strengthen naira outlook
Recent movements in the naira have coincided with stronger external reserves and improved dollar liquidity.
BusinessDay reported that Nigeria’s external reserves had increased to $53.34 billion, representing an 18-year high.
The naira also appreciated to ₦1,343.59 per dollar at the NFEM on Wednesday, compared with ₦1,346.98 on Monday.
The improvement in foreign-exchange liquidity has helped reduce some of the pressure on the naira.
Nevertheless, demand for dollars outside the official market continues to keep parallel-market prices above NFEM levels.
Rates may differ for dollar buyers
The rate Nigerians ultimately pay for dollars can vary depending on where and how the transaction is conducted.
Commercial banks, Bureau De Change operators and other dealers may quote different prices based on market conditions, transaction size and location.
Parallel-market quotations can also change several times in a day.
The Central Bank of Nigeria does not recognise the parallel market as an official foreign-exchange market.
