Nigeria's Naira Weakens Further Against US Dollar

The Nigerian naira continued to lose value against the US dollar in early August 2026. In the official market, the rate fell to N1,365.69 per dollar on 8 August, marking a third consecutive session of decline and a one‑day loss of 81 kobo. The parallel‑market (black‑market) rate held steady at about N1,430 per dollar, with sellers offering ₦1,430 and buyers paying ₦1,415 according to Aboki fx data.

Nigeria’s external reserves rose to $52.03 billion as of 6 August, according to the Central Bank of Nigeria, but the currency’s weekly performance showed a net loss of N2.53 in the official market and a further N5 in the parallel market. The Central Bank does not recognise the black‑market rates, urging participants to use formal banking channels for foreign‑exchange transactions.