Search

    Select Website Language

    GistReel

    The naira traded at about ₦1,367 to the US dollar on Thursday, August 13, 2026, maintaining relative stability across Nigeria’s official and parallel foreign exchange markets.

    The local currency has continued to trade within a narrow range in recent weeks, as market participants monitor foreign exchange liquidity, dollar demand and inflows into the economy.

    Data from the Central Bank of Nigeria’s Nigerian Foreign Exchange Market (NFEM) platform put the benchmark exchange rate at approximately ₦1,366.73/$1 on Thursday.

    The NFEM rate represents the volume-weighted average of eligible transactions in the official foreign exchange market and serves as the recognised daily exchange rate.

    Dollar sells for ₦1,425 on the parallel market

    Meanwhile, the parallel market recorded slightly higher dollar prices on Thursday morning.

    Currency dealers in major Lagos trading centres quoted the dollar at around ₦1,410 for buying and ₦1,425 for selling.

    The figures indicate a noticeable gap between the official and street markets, with the dollar selling for about ₦58 more per dollar in the parallel market.

    The difference suggests that demand for foreign currency remains strong outside the formal banking system, despite improved liquidity in the official market.

    Naira maintains recent stability

    The naira’s latest performance reflects the relative calm seen in the official market over the past several weeks.

    NFEM data show that the official exchange rate has generally remained within the ₦1,360 to ₦1,385/$1 range through much of July and the first part of August.

    The trend represents a marked difference from the sharp swings recorded during the naira’s period of heightened volatility in late 2024 and early 2025.

    For individuals and businesses, the official NFEM rate applies to eligible foreign exchange transactions conducted through banks and authorised dealers.

    The parallel market rate mainly applies to cash transactions outside the formal system.

    What could determine the naira’s next move?

    Market watchers are expected to keep a close eye on foreign portfolio inflows, crude oil earnings and the availability of dollars in the official market.

    The Central Bank’s efforts to strengthen liquidity and improve the functioning of the foreign exchange market will also remain important to the naira’s performance.

    For now, traders expect the currency to remain within a relatively narrow range in the short term, barring any major changes in dollar supply or demand.

    Previous Article
    Man laments as lady he met on Facebook disappears after sending her money to come cook for him
    Next Article
    Soul Eater Had Something Most Modern Anime Still Cannot Copy.

    Related Diaspora Updates:

    Are you sure? You want to delete this comment..! Remove Cancel

    Comments (0)

      Leave a comment