GistReel
The naira traded at approximately ₦1,368.22 per US dollar at the official Nigerian Foreign Exchange Market (NFEM) on Monday, August 3, 2026, while the dollar sold for about ₦1,425 in the parallel market.
According to data released by the Central Bank of Nigeria (CBN), the official exchange rate closed at ₦1,368.22/$1 as of August 2.
The apex bank explained that the NFEM rate is calculated using the volume-weighted average of all eligible foreign exchange transactions completed in the market.
Official market remains steady
The official foreign exchange market has continued to record only slight movements in recent trading sessions.
Historical NFEM figures showed the naira closed at ₦1,365.12/$1 on July 31 and ₦1,365.53/$1 on August 1, highlighting the currency’s relative stability.
Meanwhile, the parallel market, popularly known as the black market, recorded the US dollar at about ₦1,410 for buying and ₦1,425 for selling in Lagos.
This leaves a gap of around ₦57 between the official and unofficial exchange rates.
Gap between markets narrows
The difference between both exchange windows has narrowed significantly compared with the wider margins recorded during the peak of Nigeria’s foreign exchange instability in 2024.
The improvement has been linked to stronger market liquidity and lower speculative demand.
Based on the latest rates, $100 would exchange for approximately ₦136,822 at the official NFEM window and about ₦142,500 at the parallel market selling rate, depending on where the transaction is carried out.
Market analysts believe the naira’s performance in the coming weeks will largely depend on foreign exchange inflows from oil exports, diaspora remittances, portfolio investments, and the Central Bank’s liquidity management policies.