Naira Opens New Week at ₦1,362/$ in Official Market, Dollar Hits ₦1,425 on Black Market

The Nigerian naira opened the new trading week around ₦1,362.55 per US dollar in the official foreign exchange market on Monday, August 10, 2026, maintaining the relative stability recorded in recent sessions.

In the parallel market, commonly referred to as the black market, the dollar was quoted at approximately ₦1,425 for selling and ₦1,410 for buying in Lagos and other major currency trading centres.

The official rate published through the Central Bank of Nigeria’s foreign exchange platform serves as a benchmark for transactions conducted through authorised dealers in the formal market.

Based on the official rate of ₦1,362.55/$1 and the parallel market selling rate of ₦1,425/$1, the gap between the two markets stood at approximately ₦62.45 per dollar.

The spread remains close to levels recorded in recent trading sessions, with the naira trading within a relatively narrow range in the official market.

Recent figures have placed the official exchange rate around ₦1,362 to ₦1,364 against the dollar, while parallel market quotations have remained higher.

The Central Bank of Nigeria calculates the Nigerian Foreign Exchange Market (NFEM) rate using a volume-weighted average of eligible foreign exchange transactions conducted in the official market.

Market participants continue to monitor foreign currency liquidity, demand from businesses and individuals, and measures by monetary authorities as trading progresses during the week.

Improved dollar supply in the formal market has been cited as one factor supporting the naira’s recent stability, although demand for foreign exchange continues to maintain a gap between official and parallel market rates.

The actual exchange rate available to individuals and businesses may vary depending on the financial institution, bureau de change, transaction size and location.

Banks and other authorised dealers generally conduct eligible foreign exchange transactions through the regulated market, while parallel market rates reflect independently negotiated cash transactions outside the official window.

Attention will remain on dollar supply and demand throughout the week to determine whether the naira can maintain its recent stability against the US currency.