The Nigerian naira strengthened against the US dollar at the official foreign exchange market on Monday, reaching about ₦1,350 per dollar, as the currency continued to show signs of stability.
The latest available figures showed the naira appreciating from ₦1,358.25/$ on Friday, August 14, to about ₦1,350/$ on Monday, August 17. The move represents a gain of ₦8.25, or roughly 0.6 per cent.
The latest closing level was also reported as the naira’s strongest against the dollar since April 22, 2026. Early trading on Tuesday saw the currency around ₦1,352.22/$, suggesting that it remained close to the ₦1,350 level.
The parallel market continued to trade at a higher level, with the dollar quoted at about ₦1,407 for buying and ₦1,420 for selling. At the selling rate, a customer buying $1,000 would need approximately ₦1.42 million, while someone selling $1,000 would receive around ₦1.407 million.
The difference between the official rate of ₦1,350/$ and the parallel-market selling rate of ₦1,420/$ stands at about ₦70, representing a gap of roughly 5.2 per cent. Parallel-market rates can vary depending on location, dealer and transaction size.
Recent gains in the official market have been linked to improved foreign-exchange liquidity and stronger dollar supply. The Central Bank of Nigeria has also continued efforts to improve transparency and efficiency in the foreign-exchange market, including through its electronic FX trading infrastructure.
Attention will now turn to whether the naira can sustain the improvement. Dollar demand from importers and businesses, crude-oil receipts, foreign investment, diaspora remittances and monetary policy decisions are among the factors likely to influence the currency in the coming days.
For consumers and businesses, however, the official rate does not tell the entire story. Actual dollar costs can differ depending on the market used, while exchange rates can change during the trading day as demand and supply shift.
