Naira Rate Today August 20, SOJWORLDNEWS.
At the Nigerian Foreign Exchange Market (NFEM), the dollar closed at N1,343.32 as of early Thursday trading. This marks a clear improvement from N1,358.25 recorded last Friday. Analysts link the naira’s strength to better dollar supply and steady inflows from crude oil sales.
The Central Bank of Nigeria does not recognize the black market as an official channel. It urges Nigerians to use licensed banks and Bureau de Change operators instead. Still, many people continue to rely on street dealers for quick access to foreign currency.
In the parallel market, the dollar sold for N1,415 and bought for N1,407 as of Thursday morning. That gap between the official and street rates remains a sore point for everyday Nigerians who need dollars for school fees, medical bills, and small business imports.
A Lagos-based Bureau de Change operator said demand has cooled slightly this week. “The market is calmer now compared to last month. Buyers are not rushing the way they used to,” he said.
A currency trader in Abuja gave a similar account. “Dollar supply has improved a bit. We now sell close to eleven-fifteen most days,” she said.
Nigeria’s foreign reserves also played a role in the naira’s recent gains. Reserves climbed to $52.5 billion this week, the highest level in 17 years. Higher reserves give the central bank more room to support the naira and meet dollar demand.
Below is a full breakdown of today’s rates across major currencies, covering both the official CBN rate and the black market rate.
| Currency | CBN Official Rate (N) | Black Market Buy (N) | Black Market Sell (N) |
|---|---|---|---|
| US Dollar (USD) | 1,343.32 | 1,407 | 1,415 |
| British Pound (GBP) | 1,819.26 | 1,885 | 1,905 |
| Euro (EUR) | 1,556.24 | 1,590 | 1,610 |
| Swiss Franc (CHF) | 1,654.95 | 1,733.42* | 1,743.35* |
| Canadian Dollar (CAD) | 984.24* | 1,020 | 1,080 |
| Australian Dollar (AUD) | 999.20* | 800 | 900 |
| Chinese Yuan (CNY) | 199.22 | 190 | 205 |
| South African Rand (ZAR) | 82.88 | 75 | 90 |
| Saudi Riyal (SAR) | 357.78 | 374.72* | 376.87* |
| UAE Dirham (AED) | 365.78* | 350 | 370 |
| Ghanaian Cedi (GHS) | 97.60* | 95 | 110 |
| West African CFA (XOF, per 1,000) | 2,380* | 2,300 | 2,400 |
| Central African CFA (XAF, per 1,000) | 2,380* | 2,150 | 2,250 |
| Japanese Yen (JPY) | 8.42 | 8.82* | 8.87* |
Figures marked with an asterisk are not directly published by the CBN or black market trackers. Analysts calculate them from the official dollar rate and global cross rates, so treat them as close estimates rather than fixed quotes.
Rates change often during the day. Location, dealer, and transaction size all affect the exact price a buyer pays in the parallel market. Always confirm the current rate with your bank or a licensed dealer before you exchange money.
Market watchers expect the naira to hold steady in the near term. They point to strong reserves, improved oil earnings, and calmer import demand as reasons for cautious optimism. Still, they warn that global oil price swings and local policy shifts could change the picture quickly.
SOJWORLDnews will keep tracking these numbers and bring you fresh rates every day.
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