Naira extends rally at official market, gains N6.22 against dollar

The naira continued its upward push against the US dollar on Tuesday, strengthening by N6.22 at the official foreign exchange market. Data from the Central Bank of Nigeria put the official rate at N1,343.32 per dollar, down from N1,349.54 on Monday.

At the parallel market, the Nigerian currency remained flat at N1,405 per dollar, unchanged from the previous day.

Official market gains

Tuesday's appreciation marks the second consecutive trading day of gains for the naira at the official window. Over the two sessions, the currency has gained a total of N14.29 against the dollar, according to trading data.

The latest official rate of N1,343.32 per dollar represents a day-on-day improvement of N6.22, building on the positive momentum recorded at the start of the week.

Parallel market and external reserves

While the official market saw movement, the parallel market rate held steady at N1,405 per dollar, leaving the gap between the two windows unchanged. The mixed sentiment across both markets comes as Nigeria's external reserves stood at $52.32 billion as of August 17, 2026.

The reserves figure provides a backdrop of relative stability, even as the central bank continues to manage liquidity in the foreign exchange market.

For Nigerian businesses and consumers, the continued official appreciation offers some relief on import costs and government debt servicing, though the flat parallel market rate suggests demand pressures remain in the retail segment.