The Nigerian naira opened the week stronger against the United States dollar, trading at about ₦1,357.61 per dollar at the official Nigerian Foreign Exchange Market (NFEM) window on Monday, August 17, 2026.
Data from the Central Bank of Nigeria showed that the official NFEM rate stood at ₦1,357.61 per US dollar based on the volume-weighted average of transactions in the official foreign exchange market.
The development represents an improvement compared with the previous week, when the naira traded at about ₦1,365.69 per dollar.
In the parallel market, the dollar was being quoted at approximately ₦1,420, leaving a difference of about ₦62.39 between the official and parallel-market rates.
The stronger official-market performance has been linked to improved foreign exchange liquidity and supply conditions. Recent market indicators have also pointed to relative stability in the naira-dollar exchange rate.
A live USD/NGN rate source placed the dollar at around ₦1,358.30 in the early hours of Monday, while other market data also put the exchange rate around the ₦1,358 level.
The naira’s movement comes as Nigeria’s external reserves continue to strengthen. Recent reports indicated that the country’s external reserves reached $52.19 billion as of August 12, 2026, representing their highest level in 17 years.
The difference between the official and parallel-market rates remains important for Nigerians and businesses that require foreign currency. While the official market was trading at a lower dollar rate, the parallel market continued to quote the US currency significantly higher.
The exchange rate could still change as trading continues throughout Monday. Dollar supply and demand, importers’ foreign exchange needs, interventions by the Central Bank of Nigeria and movements in global currency markets could influence the naira’s performance.
For African businesses, investors and consumers watching Nigeria’s economy, the movement of the naira remains an important indicator because changes in foreign exchange conditions can affect the cost of imports, business operations and broader economic activity.
