The Nigerian naira traded firmly against the United States dollar on Tuesday, August 18, 2026, after appreciating at the official Nigerian Foreign Exchange Market (NFEM) and showing relative stability in the parallel market.
Official Market Appreciation
Official data showed the naira closing at about ₦1,350 per dollar at the NFEM on Monday, August 17, strengthening from ₦1,358.25/$ recorded on Friday, August 14. According to data published by the Central Bank of Nigeria (CBN), the August 17 NFEM rate represented an appreciation of ₦8.25, or about 0.6 per cent, marking the naira’s strongest closing level since April 22, 2026.
Live USD/NGN market data put the dollar at approximately ₦1,351.25, indicating that the naira remained around the ₦1,350/$ mark in trading.
Parallel Market Rates
In the parallel market, the dollar was quoted at about ₦1,407 for buying and ₦1,420 for selling, according to Bureau De Change market rates. Customers seeking to buy $1,000 would need about ₦1.42 million, while those selling $1,000 would receive approximately ₦1.407 million.
The parallel-market selling rate of ₦1,420 remains about ₦70 above the official NFEM rate, leaving a gap of roughly 5.2 per cent between the two markets.
Market Stability Outlook
The naira’s recent strength in the official market has been linked to improved foreign exchange liquidity and stronger dollar supply. Market trends point to continued stability after the currency moved from ₦1,365.69/$ in the previous week to ₦1,357.61/$ on August 17, before settling near ₦1,350/$.
