Naira Strengthens to ₦1,350/$ as Dollar Sells for ₦1,420 on Parallel Market

The Nigerian naira continued to strengthen against the United States dollar on Tuesday, August 18, 2026, following recent gains at the official foreign exchange market and relative stability in the parallel market.

The latest official data showed the naira closing at about ₦1,350 per dollar at the Nigerian Foreign Exchange Market, NFEM, on Monday, August 17.

This represented an improvement from the ₦1,358.25/$ recorded on Friday, August 14.

According to data published by the Central Bank of Nigeria, CBN, the latest NFEM rate reflected an appreciation of ₦8.25, or about 0.6 percent, taking the naira to its strongest closing level since April 22, 2026.

Live USD/NGN market data also put the dollar at approximately ₦1,351.25, indicating that the naira remained around the ₦1,350/$ level during trading.

Meanwhile, the parallel market continued to trade at a higher rate, with the dollar quoted at approximately ₦1,407 for buying and ₦1,420 for selling, according to Bureau De Change market rates.

At the parallel-market selling rate, anyone buying $1,000 would need approximately ₦1.42 million, while someone selling $1,000 would receive about ₦1.407 million.

The ₦1,420 parallel-market selling rate is about ₦70 higher than the official NFEM rate, representing a gap of roughly 5.2 percent between the two markets.

The naira’s recent performance at the official market has been linked to improved foreign exchange liquidity and stronger dollar supply.

Market data indicate that the currency has maintained a relatively firm position after moving from ₦1,365.69/$ in the previous week to around ₦1,357.61/$ on August 17 before settling near the ₦1,350/$ level.

The latest movement suggests that the naira is maintaining its recent stability in the official market, although the continued gap between the official and parallel markets shows that dollar demand remains stronger outside the formal foreign exchange market.