The Nigerian naira remained largely stable against the US dollar in the official foreign exchange market on Wednesday, August 5, 2026, trading at ₦1,362.55 per dollar, according to data released by the Central Bank of Nigeria (CBN).
The official Nigerian Foreign Exchange Market (NFEM) recorded trading between ₦1,361 and ₦1,364.70 per dollar, with the closing rate settling at ₦1,362.55/$1. The NFEM rate is calculated using a volume-weighted average and serves as Nigeria's official exchange rate benchmark.
In the parallel (black) market, the US dollar exchanged at approximately ₦1,415/$1, while buying and selling prices among dealers ranged from ₦1,410 to ₦1,425, depending on the location and transaction volume.
The difference of about ₦52 between the official and parallel market rates reflects continued strong demand for foreign currency in the informal market despite improved liquidity in the official window.
Financial analysts noted that the naira has remained relatively stable in recent weeks, supported by the Central Bank's foreign exchange interventions and increased liquidity. The official exchange rate has consistently traded within the ₦1,360–₦1,365 range, while black market rates have fluctuated between ₦1,405 and ₦1,425.
For individuals and businesses conducting foreign exchange transactions today, the prevailing rates are approximately ₦1,362.55/$1 in the official market and ₦1,415/$1 in the parallel market, although actual rates may vary across banks and bureaux de change.
.jpeg)
0 $type={blogger}:
Post a Comment