Dollar to Naira Exchange Rate Holds Steady on August 7, 2026

The Nigerian Naira demonstrated relative stability against the US dollar on Friday, August 7, 2026, holding firm across both the official and parallel foreign exchange markets. Traders closely watched liquidity conditions and demand pressures influencing the currency.

In the official Nigerian Foreign Exchange Market (NFEM), the exchange rate hovered around ₦1,368.22 per dollar. This figure, derived from the Central Bank of Nigeria's data and market aggregators, reflects a volume-weighted average of completed transactions. Recent sessions show the official market trading within a narrow band, indicating limited volatility in the formal sector.

Meanwhile, the parallel market, often called the black market, saw the dollar trading at approximately ₦1,405. This represents a premium of about ₦37 over the official rate. Significantly, the gap between these two markets is considerably narrower than the wide disparities observed in 2024 and parts of 2025, suggesting progress in price convergence following the implementation of foreign exchange reforms.

Currency dealers noted that consistent demand from importers, travelers, and other retail users continues to underpin the parallel market rate. Simultaneously, supply from exporters and autonomous sources has helped maintain the stability of the official market. Looking ahead, currency analysts emphasize that movements in external reserves, foreign portfolio inflows, and crude oil revenues will be critical factors shaping the Naira's performance in the coming sessions. While individuals seeking small amounts of cash dollars might find the parallel market more accessible, businesses with proper documentation are expected to continue sourcing foreign exchange through official banking channels and the NFEM.