The Central Bank of Nigeria (CBN) has announced that the difference between the official and parallel foreign exchange market rates has decreased to less than two percent. Dr. Olayemi Cardoso, the CBN Governor, shared this update on Tuesday during a gathering in Gombe.
Represented by acting spokesperson Mrs. Hakama Sidi-Ali, Dr. Cardoso noted that the naira is gaining consistent strength against the dollar in all segments of the forex market. According to reports from the News Agency of Nigeria, he confirmed that the spread between the official rates and those found at Bureau de Change operators has fallen under the two-percent mark.
The Governor credited these improvements to recent sector reforms. These policy shifts have facilitated a continuous rise in external reserves, which reached $51.94 billion by August 3, 2026, based on CBN figures. Meanwhile, market data from Wednesday shows the naira trading at N1,362.55 to the dollar in the official window, while the parallel market rate was recorded at N1,425 to the dollar.
