The Nigerian naira showed further gains against the US dollar on Thursday, August 20, 2026, with improved dollar supply helping support the local currency in the official foreign exchange market.
At the Nigerian Foreign Exchange Market, the dollar traded around ₦1,344.45. This marks a modest improvement from the ₦1,350 level recorded at the close of trading on August 17 and the ₦1,343.32 figure from August 18.
In the parallel market, the dollar sold for about ₦1,404, creating a roughly ₦60 gap with the official rate. The continued difference between both markets reflects ongoing variations in liquidity and access.
Recent reports point to stronger dollar availability as a key factor behind the naira’s recent performance. The official rate is determined using a volume-weighted average method, which the Central Bank of Nigeria uses to set the daily reference rate.
For individuals and businesses handling foreign exchange needs such as travel, school fees, imports, or remittances, the actual rates offered can still differ depending on the bank, bureau de change, location, and transaction size. Rates remain subject to change as market conditions shift throughout the day.
