The naira strengthened against the US dollar on the official foreign exchange market on Thursday, while losing some ground on the parallel market as Nigeria’s external reserves continued their upward trajectory.
At the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira closed at N1,343/$1 on August 26, 2026, compared with N1,349.99/$1 at the previous trading session on August 24, according to data from the Central Bank of Nigeria (CBN). The movement represents a ₦6.99, or 0.52%, appreciation in the official exchange rate.
However the dollar traded at N1,405 on August 27 in the parallel market, compared with N1,398 the previous day, representing a N7, or 0.50%, depreciation of the naira.
The difference between the NAFEM and parallel-market dollar rates stood at about N62/$1, highlighting the continued divergence between Nigeria’s official and street foreign-exchange markets.
The British pound also weakened to N1,880, from ₦1,875, while the euro rose to N1,565, compared with ₦1,555 previously. The Canadian dollar was unchanged at N1,055.
The improvement came as Nigeria’s external reserves continued to build, strengthening the country’s foreign-exchange buffer and potentially providing greater capacity for the CBN to meet dollar demand.
According to CBN data, gross external reserves rose to $53.112 billion as of August 24, from $52.832 billion on August 21. The $280 million increase represents a 0.53% rise over the period.
