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The Nigerian naira strengthened further against the United States dollar at the official foreign exchange market, reaching a five-month high of about ₦1,338.59 per dollar on Thursday, August 27, 2026.

The latest movement places the naira among the stronger-performing currencies in Nigeria’s foreign exchange market as improved dollar liquidity and rising external reserves continue to support the local currency.

For Friday, August 28, the latest available market data puts the dollar at around ₦1,341.66 per dollar, although the NFEM closing rate for the day will depend on trading activity and may differ from live indicative rates.

Recent official-market data had shown the naira at ₦1,343.59 per dollar on Wednesday, August 26, before strengthening further on Thursday. The improvement has been linked to sustained dollar liquidity and stronger external buffers.

In the parallel market, the dollar remained substantially higher than the official rate. AbokiFX-related market reports showed the greenback quoted around ₦1,400 to buy and ₦1,410 to sell on Thursday, August 27.

This means Nigerians looking to buy $1 in the parallel market would need about ₦1,410, while those selling $1 could receive around ₦1,400, depending on the dealer and location.

The gap between the official and parallel markets remains significant. Based on the latest indicative official rate of about ₦1,341.66 and a parallel-market selling rate of ₦1,410, the difference is approximately ₦68 per dollar.

The naira’s recent gains have coincided with a sharp improvement in Nigeria’s foreign-exchange reserves. It was reported that external reserves had risen to about $53.34 billion, an 18-year high, while improved dollar liquidity has helped ease pressure on the local currency.

For importers, travellers, students paying overseas tuition and businesses with dollar obligations, the exchange rate remains an important factor in determining the naira cost of foreign transactions.

However, the actual rate available to customers may differ from the NFEM benchmark or parallel-market quotation. Banks, Bureau de Change operators and other authorised dealers may apply different rates depending on the transaction, amount, location and prevailing market conditions.

Parallel-market rates are unofficial and can change several times during the day. The Central Bank of Nigeria does not recognise the parallel market as an official foreign-exchange market.

As of the morning of August 28, 2026, the dollar is therefore trading around ₦1,341.66 on the latest indicative market data, while parallel-market quotations remain around ₦1,400–₦1,410 per dollar.

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The Personal Pension Plan recorded a total of 219,316 registrations from inception to the first quarter of 2026, with only 18,811 accounts funded.

This is according to the first-quarter pension industry data released by the National Pension Commission.

The data showed that funded Retirement Savings Accounts accounted for 8.6 per cent of total PPP registrations, while 200,505 accounts, representing 91.4 per cent, remained unfunded.

The figures highlighted the significant challenge facing the PPP, particularly the need to convert registrations into active accounts with sustained pension contributions.

The data further showed that total contributions under the PPP stood at N1.66 billion from inception to the first quarter of 2026.

It also indicated a significant increase in quarterly contributions, with contributions rising from N103.30 million in the fourth quarter of 2025 to N147.16 million in the first quarter of 2026.

This represented an increase of N43.86 million or 42.46 per cent during the period.

The Personal Pension Plan is designed to enable self-employed persons and workers in the informal sector to participate in the Contributory Pension Scheme and build retirement savings.

NAN

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The Nigerian National Petroleum Company Limited (NNPCL) has increased the price of petrol at its retail stations in Abuja and nearby areas from ₦1,250 to ₦1,270 per litre.

The Genius Media Nigeria understands that the latest adjustment means customers buying Premium Motor Spirit (PMS) from NNPCL stations now pay ₦20 more for each litre than they did previously.

According to report, retailers such as MRS, Geregu, Ranoil, Emedab and Mobil are selling below the new NNPCL price.

MRS stations adjusted their price upward by ₦20, but their petrol was still being sold at about ₦1,230 per litre. This leaves a ₦40 difference between the MRS price and the new NNPCL rate.

However, not all filling stations are selling below NNPCL.

Some outlets, including Empire and AA Rano, were reported to be charging between ₦1,275 and ₦1,299 per litre, putting their prices above the state-owned company’s latest rate.

The latest NNPCL price also comes as international crude oil prices have been moving lower.

Brent crude was trading around $88.80 per barrel, while West Texas Intermediate (WTI) stood at about $81.86 per barrel at the time of the report.

In other news, the leadership of the Nigerian National Petroleum Company Limited (NNPC Ltd.) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) have been commended for “remarkable progress” in restoring confidence, increasing production and attracting fresh investment into Nigeria’s oil and gas sector.

The Citizens Forum for Energy Accountability and Development (CFEAD) said the recent achievements announced by NNPC Group Chief Executive Officer, Bayo Ojulari, and NUPRC Commission Chief Executive, Oritsemeyiwa Eyesan, demonstrated that sustained institutional reforms and stronger operational discipline could reposition the petroleum industry as a major driver of economic growth.