The naira recorded a marginal decline against the United States dollar on Friday, trading at ₦1,364.83 to the dollar at the official foreign exchange market.
The rate, released by the Central Bank of Nigeria, represents the Nigerian Foreign Exchange Market benchmark for August 14, 2026.
The CBN explained that the official NFEM rate is calculated using the volume-weighted average of completed transactions recorded during the trading session.
At Friday’s rate, $100 exchanged for approximately ₦136,483, while $1,000 was valued at about ₦1.365 million.
The latest figure suggests that the naira continues to trade within the mid-₦1,300 range, despite recording a slight depreciation from the previous session.
On Thursday, August 13, the local currency closed at ₦1,357.65/$1. Friday’s rate therefore represents a decline of ₦7.18, equivalent to about 0.53 per cent.
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Parallel market records wider rate
Meanwhile, the dollar was being quoted at approximately ₦1,405 in the parallel market, creating a gap of about ₦40 between the official and parallel-market rates.
The relatively modest difference between both markets points to calmer conditions in the foreign exchange market compared with periods when the gap widened significantly.
Market watchers continue to identify the availability of foreign currency and demand pressures as major factors determining the naira’s performance.
Dollar inflows from exporters, remittances and other sources are expected to influence supply, while demand from importers, businesses and individuals seeking foreign currency remains a key pressure point.
The naira’s performance in coming sessions will therefore continue to depend largely on movements in dollar supply and demand across the foreign exchange market.