BuyerMetrics Daily FX Brief: Dollar to Naira Exchange Rates for August 5, 2026 BuyerMetrics News

Today’s Exchange Rate Dashboard

Market	Rate	Previous	Change
Official (NFEM)	₦1,362.56/$	₦1,364.89/$	-0.17%
Parallel Market (Buy)	₦1,409.00/$	₦1,410.00/$	-0.07%
Parallel Market (Sell)	₦1,421.00/$	₦1,420.00/$	+0.07%
Official-Parallel Spread	₦46.44	₦45.11	+2.95%

Source: Central Bank of Nigeria (Official NFEM); BuyerMetrics Market Survey (Parallel Market).

Official Reference Rates

Currency	Central Rate
Euro (€)	₦1,568.13
British Pound (£)	₦1,830.74
Chinese Yuan (¥)	₦201.67

Source: Central Bank of Nigeria.

Market Overview

The naira recorded another modest appreciation in the official Nigerian Foreign Exchange Market (NFEM) on Wednesday, strengthening to ₦1,362.56 per US dollar from ₦1,364.89 in the previous trading session.

Activity in the parallel market was largely stable. The buying rate improved marginally to ₦1,409.00 per dollar, while the selling rate edged higher to ₦1,421.00. Despite the relative stability, the official-parallel market spread widened slightly to ₦46.44, indicating that demand for foreign currency outside the formal market remains resilient.

The continued stability in the official market comes as Nigeria’s external reserves remain above $51.94 billion, providing support for foreign exchange market confidence.

Key Market Drivers

The foreign exchange market continues to respond to several key factors:

Improved liquidity in the official NFEM window.
Steady demand for foreign exchange from businesses and importers.
Brent crude oil trading around $80 per barrel, with implications for Nigeria’s export earnings.
External reserves of $51.94 billion, supporting confidence in the official market.
Global US dollar movements and investor appetite for emerging markets.

Why It Matters Today

Nigeria’s foreign exchange outlook is increasingly being shaped by the strength of the Central Bank’s balance sheet and the country’s external reserves. With external reserves rising to $51.94 billion and the Central Bank recently reporting total assets above ₦138 trillion while reducing direct financing of the Federal Government, policymakers are seeking to reinforce confidence in the country’s macroeconomic reforms and foreign exchange management.

For businesses and investors, stronger reserves provide an important buffer against external shocks and help support the supply of foreign exchange to the official market. However, today’s wider gap between the official and parallel exchange rates suggests that demand for US dollars outside the banking system remains elevated. Sustaining confidence in the current exchange rate regime will depend not only on healthy reserve levels but also on continued foreign exchange inflows, stable crude oil earnings and policies that improve liquidity across the market.

BuyerMetrics Market Watch

Wednesday’s trading suggests that confidence in the official market remains relatively firm, with the naira posting another modest gain. However, the slight widening in the official-parallel market spread indicates that demand for US dollars in the informal market has yet to ease significantly.

Market participants will be watching whether stronger official market performance eventually translates into a narrower spread, signaling improved foreign exchange availability across the broader economy.

Quick Market Snapshot

Indicator	Value
Official (NFEM)	₦1,362.56/$
Parallel Market (Buy)	₦1,409.00/$
Parallel Market (Sell)	₦1,421.00/$
Official-Parallel Spread	₦46.44
Brent Crude	$80.00/barrel
External Reserves	$51.94 billion
Market Sentiment	Stable

BuyerMetrics Bottom Line

The naira maintained its gradual recovery in the official market, supported by continued foreign exchange liquidity and strong external reserves. However, the slight widening of the official-parallel market spread shows that pressure in the retail foreign exchange market has not fully eased, underscoring the importance of sustained FX inflows and confidence in Nigeria’s exchange rate reforms.