Nigeria's Naira Exchange Rate Gap Narrows Between Official and Parallel Markets

The Nigerian naira showed a reduced spread between the official foreign‑exchange window and the parallel (black‑market) market in early August 2026. The official rate hovered around ₦1,368 per US dollar, while parallel market operators quoted buying rates near ₦1,410 and selling rates around ₦1,425, narrowing the gap to roughly ₦40‑₦55.

On August 3, the official closing rate was reported at ₦1,372 per dollar, with the black‑market rate ranging from ₦1,410 to ₦1,425. The Central Bank of Nigeria (CBN) does not recognise the parallel market and has urged participants to use regulated channels. Analysts said the tighter spread reflects improved market liquidity, higher reliance on official channels, and CBN measures to ease foreign‑exchange pressure. The narrowing gap is expected to benefit import‑dependent businesses by providing more predictable pricing and reducing the need for costly parallel‑market transactions, while also curbing speculative activity.