The Nigerian naira opened the week relatively stronger against the United States dollar, with the currency trading at ₦1,357.61 per US dollar at the official Nigerian Foreign Exchange Market (NFEM) on Monday, August 17, 2026.
At the parallel market, the dollar was quoted at about ₦1,420/$, according to the report by
Vanguard News.
Data from the Central Bank of Nigeria (CBN) showed the latest NFEM rate at ₦1,357.61 to $1. The NFEM rate is calculated using the volume-weighted average of transactions conducted in the official foreign exchange market.
Vanguard reported that the naira appreciated by 59 basis points at the official market to ₦1,357.61/$.
Parallel market
The dollar was trading at approximately ₦1,420/$ in the parallel market.
This created a difference of about ₦62.39 between the official and parallel-market rates.
Other market data showed some variation in parallel-market quotations, with one tracker putting the August 17 average at about ₦1,415/$ for selling and ₦1,405/$ for buying.
Exchange rate summary
Market
Dollar rate
Official NFEM
₦1,357.61/$
Parallel market
About ₦1,420/$
Official/parallel gap
About ₦62.39
The latest figures indicate that the naira has maintained relative stability, although the parallel market continues to trade above the official rate.
Note: Actual bank, BDC and street rates may vary depending on the dealer, location, transaction size and time of the transaction.
