Official and parallel market rates remain stable with moderate spread, signaling improved forex liquidity
The naira traded at approximately ₦1,368 to the US dollar in Nigeria’s official foreign exchange market on Tuesday, August 11, 2026, as the Central Bank of Nigeria’s (CBN) reference rate maintained its footing within the ₦1,360–₦1,370 band.
Data from the CBN and FMDQ Securities Exchange revealed the NFEM (Nigerian Foreign Exchange Market) rate at ₦1,368.22 per dollar, while the broader market benchmark settled at ₦1,368.37/$ — reflecting marginal movement from the previous trading session and underscoring the currency’s recent stability.
In the parallel market, commonly known as the black market, the dollar traded at approximately ₦1,405 on Tuesday, creating a gap of about ₦37 between official and street rates. This spread suggests that retail foreign exchange pressure remains moderate, with the premium staying well below the wide differentials that characterized the volatility spikes of 2024 and 2025 — a positive signal for Nigeria’s currency stability.
The CBN continues to determine the NFEM rate through a volume-weighted average of transactions conducted in the official market, following the unification of Nigeria’s multiple exchange-rate windows. The FMDQ maintains its daily publication of market data for the Nigerian Autonomous Foreign Exchange Market (NAFEM), which serves as the benchmark for all official dollar transactions.
Currency traders reported that demand from importers and manufacturers remained steady, while improved foreign exchange liquidity from autonomous sources including portfolio investors and non-oil exporters has been instrumental in keeping the official rate relatively stable.
What this means for you: For individuals and businesses, the actual exchange rate may vary slightly depending on your bank, bureau de change, transfer platform, or geographic location. Always confirm real-time rates with your service provider before executing transactions.
