ADVERTISEMENT

ADVERTISEMENT

The Nigerian naira remained relatively stable against the United States dollar on Tuesday, August 25, 2026, as traders continued to monitor developments in the official and parallel foreign exchange markets.

The latest available Nigerian Foreign Exchange Market (NFEM) data put the naira at about ₦1,346.49 per dollar, while the official closing rate was ₦1,346.90/$ in the most recent confirmed trading session. The Central Bank of Nigeria (CBN) says the NFEM rate is derived from the volume-weighted average of transactions in the official market.

However, a live USD/NGN market benchmark on Tuesday morning was around ₦1,347.26 to the dollar, indicating that the currency was trading close to its recent official-market levels.

In the parallel market, the dollar was quoted at about ₦1,400/$ on Tuesday, according to the latest Aboki Forex data. This puts the street-market premium at roughly ₦53.10 above the latest official closing rate.

At the parallel-market rate of ₦1,400/$, $100 would exchange for about ₦140,000, while $1,000 would be worth approximately ₦1.4 million.

The latest figures show that the gap between the official and parallel markets has remained relatively contained compared with periods of severe foreign exchange volatility.

The naira had strengthened in the official market in recent sessions. On August 21, the NFEM rate stood at ₦1,346.49/$, while the dollar closed at ₦1,346.90. The currency had traded between ₦1,342 and ₦1,348 during that session.

The naira’s recent performance has been supported by improved foreign exchange liquidity and stronger external reserves. CBN data cited in recent market reports showed Nigeria’s external reserves at about $52.66 billion as of August 19.

For Nigerians and businesses buying or selling dollars, the actual rate may vary depending on the bank, Bureau de Change operator, location, transaction size and prevailing market conditions.

Parallel-market quotations are also subject to changes during the day as dollar demand and supply shift.

ADVERTISEMENT

ADVERTISEMENT

On your special day, we celebrate *Rt. Hon. TEEJAY YUSUF*
A visionary leader, a political juggernaut, and a man with the fear of God.

Thank you for your uncommon leadership, mentorship, and for being a true benefactor to many.

May God grant you long life in good health, more wisdom, divine protection and greater heights in service to humanity.

Happy Birthday Sir. We celebrate you today and always.

LAGATA CARES!

ADVERTISEMENT

ADVERTISEMENT

United States Treasury Secretary Scott Bessent on Monday laid out plans for the “economic asphyxiation” of Iran, expanding Washington’s secondary sanctions threats and warning of dire consequences for countries that decline to join the pressure campaign.

Bessent’s address comes almost six months into a war on Tehran that has ground to a stalemate, with stalled peace talks and Iran preventing most traffic through the crucial Strait of Hormuz.

“Around the globe, our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone,” Bessent told a press conference.

“We are going to hold everyone accountable, and this is economic asphyxiation of this regime.”

He added that countries not joining US sanctions would “share in the isolation” of Iran, and noted that Trump is making phone calls to world leaders with requests to stop their interactions with Tehran.

The Treasury Department said Monday that it has “issued determinations against five critical sectors — digital assets, technology, gold, aviation, and shipping — that the Iranian regime uses to try to prop up its failing economy.”

Bessent, meanwhile, vowed that any entity “that facilitates money laundering on behalf of Iran will be removed from the US dollar system.”

Asked if Chinese banks dealing with Iran could be targeted, Bessent said “no one is above the reach of US sanctions.”

The Treasury chief earlier declared that an “economic D-Day” had begun against Tehran, in a column for the Financial Times.

The United States and Israel triggered the Middle East war with a massive wave of bombing against Iran on February 28, sparking Iranian retaliation across the region.

AFP