The Nigerian naira strengthened to ₦1,338.59 per dollar on Thursday, August 27, 2026, marking its strongest performance at the official foreign exchange market in about five months.
The latest appreciation came as improved dollar liquidity and stronger foreign-exchange reserves continued to provide support for the local currency.
Market indications for Friday, August 28, showed the dollar trading at around ₦1,341.66, although the final NFEM rate could change depending on transactions recorded during the day.
The naira had closed around ₦1,343.59 per dollar on Wednesday before recording another improvement on Thursday.
The currency’s recent recovery has coincided with a stronger position in Nigeria’s external reserves, which have reportedly risen to approximately $53.34 billion.
The figure represents an 18-year high and has helped strengthen confidence in the country’s foreign-exchange position.
However, the gains recorded at the official market have yet to eliminate the substantial difference between official and parallel-market rates.
In the parallel market, the dollar was reportedly sold for about ₦1,410 and bought at around ₦1,400 on Thursday, according to AbokiFX-related market reports.
At those rates, anyone seeking to purchase $1 through the parallel market would require roughly ₦1,410, while a person selling $1 could receive about ₦1,400.
Using the indicative official rate of ₦1,341.66 against the parallel-market selling rate of ₦1,410, the difference stands at approximately ₦68 per dollar.
The exchange-rate movement remains significant for Nigerians and businesses that depend on foreign currency for imports, international travel, tuition payments and other overseas transactions.
However, customers may not necessarily receive the exact NFEM or parallel-market rates, as banks, Bureau de Change operators and other authorised dealers can set different rates.
The rate offered may depend on factors including the transaction amount, location, type of transaction and prevailing market conditions.
Parallel-market quotations are unofficial and can change several times within a day. The Central Bank of Nigeria does not recognise the parallel market as an official foreign-exchange market.
As of Friday morning, August 28, the latest indicative data put the dollar at about ₦1,341.66, while parallel-market quotations remained around ₦1,400 to ₦1,410 per dollar.