Dollar To Naira Rate Today: Black Market, Official FX Rates For August 28
The Nigerian Naira has extended its positive momentum against the United States Dollar in the official foreign exchange market, reaching a five-month high of ₦1,338.59 per dollar on Thursday, August 27, 2026.
Ejes Gist News understands that this sustained appreciation reflects a broader trend of strengthening local currency performance driven by robust dollar liquidity and expanding external buffers.
As trading opened on Friday, August 28, 2026, indicative market figures placed the greenback at approximately ₦1,341.66 per dollar.
This positioning follows the official session on Wednesday, August 26, 2026, when the local currency was quoted at ₦1,343.59 per dollar before firming further on Thursday.
Final daily closing rates at the Nigerian Autonomous Foreign Exchange Market (NFEM) remain subject to prevailing intra-day trading volumes and supply dynamics.
Parallel Market Dynamics and Market Spread
While official channels recorded steady appreciation, activity in the parallel market showed the US dollar trading at a persistent premium.
Reports from street traders and AbokiFX-linked market monitors showed the greenback quoted around ₦1,400 for buying and ₦1,410 for selling on Thursday, August 27, 2026.
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This pricing structure implies that retail buyers seeking $1 in the parallel market require approximately ₦1,410, while sellers receive roughly ₦1,400, depending on dealer locations and market margins. Consequently, the divergence between official indicative rates of ₦1,341.66 and parallel market selling quotes of ₦1,410 maintains a spread of approximately ₦68 per dollar.
| Market Segment | Date / Status | Buying Rate ($1) | Selling / Closing Rate ($1) |
|---|---|---|---|
| Official Market (NFEM) | August 26, 2026 | — | ₦1,343.59 |
| Official Market (NFEM) | August 27, 2026 | — | ₦1,338.59 |
| Official Market (NFEM) | August 28, 2026 (Indicative) | — | ₦1,341.66 |
| Parallel Market (AbokiFX) | August 27–28, 2026 | ₦1,400.00 | ₦1,410.00 |
External Reserves and Outlook for FX Stakeholders
A central pillar supporting the Naira’s recent gains is the significant build-up in foreign exchange reserves, which recently climbed to an 18-year high of $53.34 billion. Stronger external liquidity buffers have helped alleviate supply bottlenecks and supported system-wide stability.
For importers, international travelers, students paying overseas tuition, and corporate entities managing dollar liabilities, the prevailing exchange rate remains a critical cost determinant. Key operational factors include:
- Authorized Dealers: Commercial banks, Bureau de Change operators, and authorized dealers may apply transaction rates that differ from indicative benchmarks based on transaction sizes and operational charges.
- Parallel Volatility: Unofficial rates fluctuate dynamically throughout the business day and are not recognized by the Central Bank of Nigeria.
As of the morning of August 28, 2026, official indicative data places the dollar around ₦1,341.66, while parallel market quotes remain stable around ₦1,400–₦1,410 per dollar.
Disclaimer: This content is for informational purposes only and does not constitute financial advice. Always consult a qualified financial advisor before making investment decisions.