Dollar to Naira exchange rate today, August 20, 2026

The Nigerian naira demonstrated strength against the US dollar on Thursday, August 20, 2026, buoyed by increased dollar liquidity across the foreign exchange market. At the Nigerian Foreign Exchange Market (NFEM), the dollar was quoted at approximately ₦1,344.45, according to the latest available rates.

This recent appreciation follows a trend of naira strengthening in the official market. Data from the Central Bank of Nigeria (CBN) indicated the NFEM rate stood at ₦1,343.32 on August 18, and the currency had reached around ₦1,350 per dollar by the close of trading on August 17.

In contrast, the parallel market saw the dollar selling for about ₦1,404 on Thursday. This parallel market rate reflects a premium of roughly ₦60 above the official NFEM indication, highlighting the persistent gap between the two market segments. Market reports attribute the naira's improved performance to better dollar supply and liquidity, with AbokiFX noting a five-month high for the naira at the official market amid stronger dollar liquidity on August 19.

The CBN explains that the NFEM rate is determined by a volume-weighted average and serves as the official daily exchange rate. However, actual rates for individuals and businesses exchanging currency for travel, education, imports, or remittances can vary based on factors such as the bank, Bureau de Change operator, location, and transaction size. The dollar-to-naira exchange rate remains dynamic, subject to shifts in demand and supply conditions in both official and parallel markets.