The naira remained relatively stable against the United States dollar on Wednesday, August 12, 2026, trading around the ₦1,360 range in the official market and the low ₦1,400s at the parallel market.
Data from the Central Bank of Nigeria’s Nigerian Foreign Exchange Market (NFEM) platform put the official exchange rate at about ₦1,364 per dollar, representing only marginal movement from recent trading sessions. The NFEM rate is based on the volume-weighted average of transactions executed during the trading session and serves as the benchmark rate for the formal foreign exchange market.
In the parallel market, currency dealers in Lagos quoted the dollar at approximately ₦1,405 for buying and ₦1,415 for selling on Wednesday morning. Recent market trackers have similarly placed street-market quotations around the ₦1,410 region.
At the official rate, $100 was worth about ₦136,400, while $1,000 exchanged for approximately ₦1.364 million. At the parallel-market selling rate of ₦1,415 per dollar, the same amounts were valued at about ₦141,500 and ₦1.415 million, respectively.
The difference between the official and parallel-market selling rates stood at roughly ₦51 per dollar, indicating a relatively narrower gap than the sharp disparities recorded during periods of heightened foreign-exchange pressure in 2024 and early 2025.
Market participants attributed the naira’s recent stability to continued liquidity management by the Central Bank of Nigeria and steady dollar supply through the formal market. Moderate demand from importers was also identified as a factor helping the currency maintain its recent trading range.
Reuters reported that traders expected the naira to remain broadly stable in the near term, citing the CBN’s presence in the foreign-exchange market and efforts to ease demand pressure. The report placed recent official-market trading around the ₦1,360 level and street trading near ₦1,425 per dollar.
Market data compiled by Proshare showed that the official exchange rate had largely remained within the ₦1,362–₦1,370 per dollar range in recent sessions, reflecting continued consolidation around the ₦1,360 level.
For Nigerians seeking dollars for travel, school fees, imports or international payments, the key rates to monitor on Wednesday are approximately ₦1,364/$ at the official NFEM window and ₦1,415/$ at the parallel market.
