Nigerian Naira Holds Steady Against US Dollar on August 3, 2026

The Nigerian naira maintained a stable performance against the US dollar at the start of the week on August 3, 2026. Data from the Central Bank of Nigeria indicated that the official Nigerian Foreign Exchange Market (NFEM) rate hovered around ₦1,368 per dollar, with the most recent closing rate at ₦1,368.22.

The official market has experienced minimal fluctuations in recent sessions. Historical data shows the dollar closing at approximately ₦1,365.12 on July 31 and ₦1,365.53 on August 1, highlighting the narrow band within which the official exchange rate has been trading.

In the parallel market, often referred to as the black market, currency traders in Lagos quoted the dollar at about ₦1,410 for buying and ₦1,425 for selling. This creates a spread of roughly ₦57 per dollar between the official and parallel market rates. This gap has significantly narrowed compared to the wider premiums observed during periods of high foreign exchange volatility in 2024, suggesting improved liquidity and reduced speculative pressure.

For individuals and businesses, this means exchanging $100 would yield approximately ₦136,800 at the official NFEM window or about ₦142,500 at the parallel market's selling rate. Analysts believe the naira's near-term trajectory will be influenced by foreign exchange inflows from oil exports, portfolio investors, remittances, and the Central Bank's ongoing liquidity management operations.