The Nigerian naira opened September with a noticeable difference between its official and parallel-market values against the United States dollar.
As of Tuesday, September 1, 2026, the dollar is trading at about ₦1,332–₦1,338 at the official Nigerian Foreign Exchange Market (NFEM), while rates in the parallel market are hovering between ₦1,390 and ₦1,415 per dollar.
The latest official data, covering trading on August 31, put the dollar at approximately ₦1,332.44 at the NFEM.
The Central Bank of Nigeria (CBN) defines the NFEM rate as a volume-weighted average of transactions and recognises it as the official exchange rate for the trading day.
Parallel market rate
Outside the official market, the naira continues to trade at a weaker level.
Market checks indicate that the dollar is being bought for around ₦1,390 and sold for approximately ₦1,405, although some market trackers have reported figures between ₦1,400 and ₦1,415.
The difference between the official and parallel-market rates currently stands at roughly ₦60 to ₦80 per dollar.
The disparity means Nigerians looking to buy dollars may pay significantly more in the parallel market than the prevailing NFEM rate.
Naira maintains relative strength
Recent market data suggest that the naira has continued to show relative stability in the official foreign exchange market.
AbokiFX reported that the currency strengthened to ₦1,338.59 per dollar on Thursday, with the movement attributed to improved dollar liquidity and stronger external buffers.
Despite the improvement in the official market, parallel-market rates have remained close to the ₦1,400/$ level.
Trading activity at the NFEM has also increased. Data cited by AbokiFX showed that total foreign exchange turnover rose by 16.43 percent, from $913.76 million to $1.06 billion, although the number of transactions declined.
What Nigerians should expect today
For Nigerians buying or selling dollars on Tuesday, the actual exchange rate may differ depending on the bank, Bureau de Change operator, location, transaction volume and prevailing demand.
For now, the indicative rates show:
Official NFEM: ₦1,332–₦1,338/$
Parallel-market buying rate: Around ₦1,390/$
Parallel-market selling rate: Around ₦1,405–₦1,415/$
Exchange rates remain dynamic and may change throughout the day as demand, dollar liquidity and market activity shift.
Note: The official figure cited above is based on the latest available NFEM data for August 31, while parallel-market rates are indicative and may vary by location and operator.
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