Dollar To Naira Today Stable At N1,350 As Gap With Parallel Market Persists

The Nigerian naira remained relatively firm against the United States dollar on Wednesday, August 19, 2026, trading around the N1,350 per dollar level in the official market.

This stability comes as the Central Bank of Nigeria continues its reforms aimed at improving foreign exchange market transparency and liquidity.

Market data indicates the naira opened Wednesday at approximately N1,350 to the US dollar in the official Nigerian Foreign Exchange Market.

This follows an appreciation on Tuesday, when the currency gained N6.21 to trade at N1,343.32, compared to Monday’s rate of N1,349.53.

One analyst noted, “The appreciation underscores the Naira’s recent relative stability amid ongoing reforms by the apex bank”.

However, a significant gap remains between the official rate and the parallel market. In the unofficial market, the dollar was quoted at about N1,405 for buying and N1,415 for selling as of Tuesday.

This means buyers seeking $1,000 in the parallel market would need approximately N1.415 million.

The parallel-market selling rate of N1,415 represents a gap of roughly N65 above the latest N1,350 official NFEM rate, according to market sources.

The difference between both markets highlights the continued disparity between Nigeria’s formal and informal foreign exchange systems, despite the naira’s recent gains in the official window.

The NFEM rate is derived from the volume-weighted average of transactions in the formal foreign exchange market and serves as the official benchmark for the day.

Trading against other major currencies also showed notable levels. The naira traded flat against the British Pound, closing at N1,910 to Pounds Sterling on Monday and Tuesday.

An indicative rate for the Euro to Naira was seen around N1,509, according to market data . These exchange rates remain subject to change as market conditions evolve throughout the day.