BuyerMetrics Daily FX Brief: Dollar to Naira Exchange Rates for August 31, 2026

LAGOS, Nigeria – The naira extended its recent gains in the official market, moving to ₦1,337.29/$ from ₦1,338.59/$. The parallel market also strengthened on the buy side, while the sell rate edged lower, pointing to some easing in dollar pricing outside the formal market.

Exchange Rate Snapshot

Market	Rate	Previous	Change
Official (NFEM)	₦1,337.29/$	₦1,338.59/$	-0.10%
Parallel Market (Buy)	₦1,380.00/$	₦1,395.00/$	-1.08%
Parallel Market (Sell)	₦1,408.00/$	₦1,410.00/$	-0.14%
Spread	₦70.71	₦71.41	-0.98%

*Source:**CBN Official NFEM data;* BuyerMetrics market survey for parallel-market rates.

Official Reference Rates

Currency	Rate	Previous	Change
Euro (€)	₦ 1556.29	₦1559.53	-0.21%
British Pound (£)	₦ 1815.36	₦ 1819.66	0.23%
CFA	₦2.37	₦2.38	-0.42%
Chinese Yuan (¥)	₦ 198.90	₦ 199.11	0.11%

Market Overview

The official naira rate strengthened by 0.10% to ₦1,337.29/$.

The parallel market recorded a stronger move on the buy side, falling to ₦1,380/$ from ₦1,395/$. The sell rate also eased slightly to ₦1,408/$.

The official-to-parallel sell gap therefore narrowed marginally to ₦70.71/$, although the difference remains significant.

Market Drivers

Remittance inflows: Rising diaspora inflows are adding to foreign-exchange supply. The CBN reported $947 million in remittances in July, approaching its $1 billion monthly target.

External buffers: Foreign-exchange reserves remain above $53 billion, providing stronger support for the country’s external position.

Oil market: Brent crude is trading around $90/barrel, supporting Nigeria’s potential foreign-exchange earnings.

Market confidence: Nigeria’s improving external position and stronger economic activity are becoming increasingly important for investor sentiment.

News Peg

Nigeria’s improving external position is increasingly being reflected in both economic growth and investor confidence.

Economic growth has accelerated to its fastest pace in five years, supported by stronger oil production and activity in the non-oil sector.

At the same time, the CBN reported that diaspora remittances reached a record $947 million in July, bringing monthly inflows close to the $1 billion target.

The positive external picture has also attracted attention from the credit-rating market. Moody’s Ratings shifted Nigeria’s credit outlook to positive from stable, citing stronger foreign-exchange reserves and robust current-account surpluses.

For the FX market, the combination of higher reserves, stronger remittance inflows and improved economic growth provides a more supportive backdrop for the naira.

BuyerMetrics Market Watch

The focus today is whether stronger FX inflows can continue narrowing the gap between the official and parallel markets.

The parallel-market buy rate has fallen sharply to ₦1,380/$, while the sell rate is now ₦1,408/$. If this improvement is sustained, it could provide another signal that pressure in the retail FX market is easing.

Quick Market Snapshot

Indicator	Value
Official (NFEM)	₦1,337.29/$
Parallel Market (Buy)	₦1,380.00/$
Parallel Market (Sell)	₦1,408.00/$
Brent Crude	$90/barrel
External Reserves	$53.31bn
Market Sentiment	Improving

BuyerMetrics Bottom Line

The naira is gaining ground across both formal and parallel markets as Nigeria’s external buffers strengthen. Record remittances, stronger growth and a more positive credit outlook are improving the backdrop, but sustained FX inflows will be critical to turning recent currency gains into a durable trend.

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BuyerMetrics Daily FX Brief: Dollar to Naira Exchange Rates for August 31, 2026