The naira remained broadly stable against the United States dollar on Wednesday, August 12, 2026, with the official Nigerian Foreign Exchange Market (NFEM) rate trading around the mid-₦1,360 band while the parallel market hovered in the low-₦1,400 range.
Data from the Central Bank of Nigeria’s NFEM platform showed the official exchange rate at about ₦1,364 per dollar, reflecting only marginal movement from recent sessions. The official rate is derived from the volume-weighted average of trades executed on the market and serves as Nigeria’s benchmark exchange rate.
Currency dealers in Lagos said the parallel market (black market) traded at approximately ₦1,405 per dollar for buying and ₦1,415 per dollar for selling on Wednesday morning, keeping the spread between the official and unofficial markets relatively narrow compared with the sharp gaps recorded in 2024 and early 2025. Recent market trackers have shown street-market quotes clustering around the ₦1,410 region.
At the prevailing official rate, $100 exchanged for roughly ₦136,400, while $1,000 was worth about ₦1.364 million. In the parallel market, the same amounts were valued at about ₦141,500 for $100 and ₦1.415 million for $1,000.
