The naira opened the week with a relatively stable performance against the United States dollar at both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market today, Monday, August 3, 2026.
Data published by the Central Bank of Nigeria showed that the official NFEM rate was trading around ₦1,368 per dollar, with the most recent available closing rate at ₦1,368.22/$ as of August 2, reports Vanguard.
The CBN stated that the NFEM rate is derived from the volume-weighted average of trades executed in the market.
The official market has remained within a narrow band in recent sessions. Historical NFEM data indicate that the dollar closed at about ₦1,365.12 on July 31 and ₦1,365.53 on August 1, suggesting only mild day-to-day fluctuations in the official exchange window.
In the parallel market, commonly referred to as the black market, currency traders in Lagos quoted the dollar at about ₦1,410 per dollar for buying and ₦1,425 per dollar for selling on the latest available market update. This places the gap between the official and parallel market rates at roughly ₦57 per dollar.
The spread between both markets has narrowed considerably compared with the wider premiums seen during the height of Nigeria’s foreign exchange volatility in 2024, reflecting improved liquidity conditions and reduced speculative pressure in recent months.
For individuals and businesses, this means $100 would exchange for about ₦136,800 at the official NFEM window and about ₦142,500 at the parallel market selling rate, depending on the channel used.
Analysts say the naira’s near-term direction will continue to depend on foreign exchange inflows from oil exports, portfolio investors, remittances, and the Central Bank’s liquidity management operations in the official market.
