The Nigerian naira traded at ₦1,362.55 per United States dollar in the official foreign exchange market on Thursday, August 6, 2026, maintaining relative stability despite the continued difference between the regulated and parallel market rates.
Figures released by the Central Bank of Nigeria (CBN) showed that the local currency appreciated slightly from the ₦1,364.83/$1 recorded earlier in the week.
The latest market data indicate that the naira has remained within the ₦1,360 per dollar range during recent trading sessions, reflecting limited fluctuations in the official Nigerian Foreign Exchange Market (NFEM).
In the parallel market, commonly referred to as the black market, Bureau de Change operators and street traders quoted the dollar at approximately ₦1,410 for buying and ₦1,425 for selling on Thursday morning.
The difference between the official NFEM rate and the parallel market selling rate stood at about ₦62 per dollar, highlighting the higher cost of obtaining foreign currency outside authorised banking channels.
Exchange rates in the informal market may vary among dealers and locations depending on transaction volume, customer demand, available dollar supply and prevailing market conditions.
Analysts attributed the naira’s stability in the official market to improved foreign exchange liquidity and sustained interventions by monetary authorities.
However, continued demand from importers, travellers, businesses, students paying overseas fees and other retail users has kept the parallel market rate above the official benchmark.
According to the CBN, the NFEM rate is calculated using the volume-weighted average of foreign exchange transactions completed in the official market and serves as the recognised benchmark for authorised transactions in Nigeria.
Banks and licensed foreign exchange dealers generally transact using the official NFEM rate, while black market prices are independently determined and may fluctuate throughout the day based on demand and liquidity.
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