The naira closed at N1,337/$1 in Nigeria’s official foreign exchange market on Friday, August 28, 2026, edging weaker against the US dollar as the country’s external reserves continued to rise.
According to data from the Central Bank of Nigeria (CBN), the naira depreciated slightly from N1,336/$1 recorded on August 27. The N1 decline represents a 0.07% depreciation against the dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
Bureau de Change (BDC) operators quoted the dollar at N1,390 in the parallel market on August 31, compared with N1,395 on August 28 with the N5 decline in the dollar price representing a 0.36% appreciation for the naira in the parallel market.
The latest parallel-market rate is N53 weaker than the N1,337/$1 official rate, highlighting the continuing difference between the two segments of Nigeria’s foreign exchange market.
The British pound traded at N1,870/£1, while the euro remained at N1,560/€1. The Canadian dollar also held steady at N1,055/C$1.
Nigeria’s External Reserves Rise to $53.31bn
Nigeria’s external reserves continued to increase, providing additional foreign-exchange buffers for the country with CBN data showing that external reserves rose to $53.310 billion as of August 27, 2026, from $53.298 billion on August 26. The $12 million increase represents a 0.02% rise in one day and continued the cons
Despite the naira’s gain in the parallel market, the currency continues to face varying pressures across Nigeria’s foreign exchange markets as the spread between the official and parallel market rate at N53/$.
The divergence suggests that foreign-exchange supply and demand conditions continue to influence pricing across the different market segments.
The naira’s performance in the coming weeks is expected to remain closely tied to dollar liquidity, foreign-exchange supply, external reserve accumulation and demand from businesses and other market participants.
