The naira began the new week on a steady note against the United States dollar, recording only slight movements in both the official Nigerian Foreign Exchange Market and the parallel market on Monday, August 3, 2026.
According to figures released by the Central Bank of Nigeria, the official exchange rate traded around ₦1,368 to the dollar. The latest available closing rate stood at ₦1,368.22 per dollar as of August 2, with the apex bank explaining that the Nigerian Foreign Exchange Market rate is determined using the volume weighted average of completed market transactions.
Recent trading sessions have shown little movement in the official market. Historical data indicate that the dollar closed at approximately ₦1,365.12 on July 31 before settling at about ₦1,365.53 on August 1, reflecting a relatively stable exchange rate over the past few days.
In the parallel market, also known as the black market, currency dealers in Lagos quoted the dollar at around ₦1,410 for buying and ₦1,425 for selling during the latest trading session.
The difference between the official and parallel market rates now stands at about ₦57 per dollar, a significant improvement compared to the much wider gap experienced during the peak of Nigeria’s foreign exchange volatility in 2024. The narrower margin points to better market liquidity and reduced speculative activity in recent months.
At the prevailing rates, an exchange of 100 United States dollars would yield roughly ₦136,800 through the official market, while the same amount would be worth about ₦142,500 at the parallel market selling rate, depending on the channel used.
Market analysts believe the naira’s performance in the coming weeks will largely depend on the level of foreign exchange inflows from crude oil exports, diaspora remittances, portfolio investments and the Central Bank of Nigeria’s ongoing liquidity management efforts within the official foreign exchange market.
