The Nigerian naira maintained relative stability against the United States dollar on Thursday, August 27, 2026, with the greenback trading at about ₦1,345.94 in the Nigerian Foreign Exchange Market.
The latest figure indicates that the local currency has remained relatively strong around the ₦1,300/$ range following recent gains in the official foreign exchange market.
However, the parallel market continued to record a higher dollar rate. Reports from the informal market put the dollar at approximately ₦1,405 on Wednesday, while another market update showed buying and selling rates of about ₦1,398 and ₦1,407 respectively.
The difference between the official and parallel-market rates means that the dollar was trading roughly ₦59 higher in the parallel market than at the NFEM selling reference of ₦1,345.94.
The naira’s recent improvement has been linked to stronger foreign-exchange liquidity and an increase in Nigeria’s external reserves. According to market reports cited by Vanguard, the country’s reserves had climbed to an 18-year high of $53.34bn.
The naira also appreciated to ₦1,343.59 per dollar at the NFEM on Wednesday, compared with ₦1,346.98 recorded on Monday, reflecting the currency’s recent positive movement in the official market.
Despite the improved liquidity, demand for foreign currency in the parallel market continues to keep the unofficial exchange rate above the official level.
For individuals and businesses seeking to purchase dollars, the actual rate may differ from the quoted market figures depending on the financial institution, Bureau De Change operator, transaction size and location.
The latest movement suggests that the naira has gained some stability in the official market, although developments in foreign-exchange liquidity, reserve levels and demand for dollars will remain important factors in determining the currency’s direction in the coming days.
