Naira holds steady against dollar amid CBN's market management

Nigeria's naira held its ground against the U.S. dollar on Wednesday, August 12, 2026, demonstrating relative stability in both official and parallel markets. The official Nigerian Foreign Exchange Market (NFEM) saw the naira trading around the ₦1,360 band, while the parallel market hovered near ₦1,405 per dollar.

Data from the Central Bank of Nigeria's NFEM platform indicated the official exchange rate settled at approximately ₦1,364 per dollar. This reflects minimal movement from recent trading sessions, with the rate derived from the volume-weighted average of executed trades. Currency dealers in Lagos noted that the parallel market traded at roughly ₦1,405 for buying and ₦1,415 for selling, maintaining a relatively narrow spread compared to previous years.

Market participants attribute this period of calm to the Central Bank of Nigeria's ongoing liquidity management strategies and a consistent supply of foreign exchange through formal channels. Furthermore, analysts observed that importer demand has remained moderate, contributing to the naira's consolidation within a tight range in recent weeks.

Looking ahead, traders anticipate the naira will continue its broad stability in the near term. This outlook is supported by the Central Bank's active participation in the market and its efforts to alleviate demand pressures for dollars. Recent official market trading has consistently stayed around the ₦1,360 level, with parallel market rates hovering near ₦1,425, underscoring the currency's recent consolidation.