The naira traded around the ₦1,368 level against the United States dollar at the official Nigerian Foreign Exchange Market (NFEM) on Tuesday, August 4, 2026, while the parallel market continued to quote the dollar above ₦1,400.
Data from the Central Bank of Nigeria’s exchange rate portal showed that the most recent NFEM volume-weighted rate was about ₦1,368.22/$1, with the official market maintaining relative stability after trading in the ₦1,362–₦1,369 range in recent sessions.
At the parallel market, commonly referred to as the black market or Aboki market, traders in Lagos were buying the dollar at roughly ₦1,410 and selling between ₦1,415 and ₦1,425 on Tuesday morning, depending on location and transaction size. Market trackers showed recent quotes clustered around that range.
The gap between the official and parallel market rates therefore remained at roughly ₦45–₦57 per dollar, indicating that demand for foreign currency in the retail market is still higher than supply despite the relative calm in the official window.
Analysts said the naira has been more stable in recent weeks compared with the sharp volatility seen in 2024 and early 2025, supported by improved foreign exchange liquidity, tighter monetary conditions, and continued CBN reforms aimed at deepening transparency in the FX market. Recent market data show the official rate has hovered around the mid-₦1,360 band over the past several trading sessions.
For Nigerians making conversions today, $100 would exchange for about ₦136,822 at the official NFEM rate, while the same amount would fetch roughly ₦141,500–₦142,500 in the parallel market.
The Central Bank notes that the NFEM rate is derived from a volume-weighted average of completed transactions and serves as the country’s official exchange rate benchmark.
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