Naira to Dollar exchange rate today, Thursday, August 6, 2026
The naira traded at ₦1,362.55 per US dollar in the official foreign exchange market on Thursday, August 6, 2026, maintaining relative stability despite the continued wide gap with the parallel market.
Figures released by the Central Bank of Nigeria (CBN) showed that the local currency appreciated slightly from ₦1,364.83/$1 recorded earlier this week.
The latest data indicate that the naira has remained within the ₦1,360/$1 range in recent trading sessions.
Parallel market maintains higher dollar rate
In the parallel market, commonly known as the black market, the dollar exchanged at about ₦1,425 for selling and ₦1,410 for buying on Thursday morning, based on Bureau de Change quotations and market data.
The difference between the official NFEM rate and the parallel market selling price stood at about ₦62 per dollar, highlighting the higher cost of obtaining foreign currency outside the regulated market.
Analysts attributed the stability in the official market to improved foreign exchange liquidity and continued interventions by the monetary authorities.
However, strong demand from importers, travellers and other retail users has continued to keep parallel market rates elevated.
How the official exchange rate is determined
According to the CBN, the Nigerian Foreign Exchange Market (NFEM) rate is calculated using the volume-weighted average of transactions completed in the official market.
This rate serves as the benchmark for authorised foreign exchange transactions across the country.
The exchange rate available to individuals and businesses depends on where they obtain foreign currency.
Banks and authorised dealers transact using the official NFEM rate, while the parallel market operates at independently determined rates.