The naira maintained relative stability against the United States dollar on Wednesday, August 12, 2026, as the currency traded around the ₦1,360/$ level in the official market and remained within the low ₦1,400 range at the parallel market.
Data from the Central Bank of Nigeria’s Nigerian Foreign Exchange Market (NFEM) showed the official exchange rate at approximately ₦1,364 to the dollar, indicating only a slight movement compared with recent trading sessions.
The NFEM rate, calculated using the volume-weighted average of transactions conducted on the official market, serves as the country’s benchmark exchange rate.
In the parallel market, currency dealers in Lagos quoted the dollar at about ₦1,405 for buying and ₦1,415 for selling on Wednesday morning.
The relatively small difference between the official and parallel-market rates marks a significant improvement from the wide disparities witnessed during periods of heightened foreign-exchange pressure in 2024 and early 2025.
At the official rate of ₦1,364/$, $100 was equivalent to approximately ₦136,400, while $1,000 translated to about ₦1.364 million.
Using the parallel-market selling rate of ₦1,415/$, $100 was valued at roughly ₦141,500, while $1,000 exchanged for approximately ₦1.415 million.
Market participants attributed the naira’s recent stability to ongoing foreign-exchange liquidity management by the Central Bank of Nigeria (CBN), alongside continued dollar supply through the formal market.
Dealers and analysts also pointed to moderate demand from importers as another factor helping to limit pressure on the local currency.
Recent market data indicate that the official exchange rate has largely remained within the ₦1,362 to ₦1,370/$ range, suggesting that the naira has entered a period of relative consolidation around the ₦1,360 level.
Reuters also reported that market participants expect the naira to remain broadly stable in the short term, supported by the CBN’s continued presence in the foreign-exchange market and measures aimed at moderating demand for dollars.
With official-market rates remaining relatively stable and the gap between the formal and parallel markets narrowing, attention is now focused on whether the naira can sustain its current position amid evolving foreign-exchange demand and supply conditions.
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